Tata Steel not against ore export; steel demand to grow 10-12%

Tata Steel today said it is not against iron ore exports as that is against free market norms as also because domestic steel demand is expected to go up by 10-12 per cent this fiscal.

"We are an open economy, so why do you ban exports? (Also) exports will come down if the demand in the country increases due to more steel consumption," Tata Steel Managing Director H M Nerurkar said here when sought his reaction to the demand for banning iron ore exports.

Tata Steel had earlier opposed exports of iron ore saying it would be harmful to the development of domestic steel industry.

Nerurkar said the prices of iron ore and coking coal, the two major inputs for steel-making, are expected to rise by 80-90 per cent during the year.

Speaking about the steel demand scenario in the domestic market, he said the demand is expected to be 10-12 per cent during the year. "Demand for more steel will come mainly from India, China and Brazil," Nerurkar said, adding global steel demand is expected to improve and may arrive at the pre-crisis level.