There is no proposal at present to ban export of iron ore. Considering the fact that the country has sufficient resources of iron ore at 28.4 billion tonnes and the fact that iron ore fines has limited use in the country, the export of iron ore is allowed with a levy of 30% export duty on advalorem basis.
As per National Mineral Policy 2008, mineral continue to be an important source of foreign exchange earnings. The policy of export shall keep in view the dynamics of mineral inventories as well as the short, medium and long term needs of the country. Efforts shall be made to export minerals in value added form as far as possible.
The indigenous mineral industry shall be attended to the international economic situation in order to derive maximum advantage from foreign trade by carefully anticipating technology and demand changes in the international markets for the minerals.
This information was given by Shri Dinsha Patel the minister of mines in a written reply to a question in Rajya Sabha.(www.steelguru.com)
