China seeks more Indian iron ore
China is looking forward to increasing imports of iron ore from India even as New Delhi is reviewing the issue of continuing exports of raw minerals.india Updated: Oct 11, 2006 23:03 IST
China is looking forward to increasing imports of iron ore from India even as New Delhi is reviewing the issue of continuing exports of raw minerals.
"We hope to import more than last year's imports of 89 million tonnes of iron ore from India," said Chen Haoran, executive director of the China Chamber of Commerce of Metals, Minerals and Chemicals (CCCMC).
He was speaking at a meeting organised in New Delhi on Wednesday by the Confederation of Indian Industry (CII).
India has replaced Brazil as the largest source of iron ore for China, which has turned into a net exporter of steel from being a major importer of the metal.
However, India is reviewing raw minerals exports. An inter-ministerial committee set up by the prime minister is expected to submit its report next month on whether India should continue with its exports of rich iron ore, particularly when the domestic steel industry is feeling the pinch.
The meeting was also attended by officials from the Sinosteel Corp, which recently announced plans to set up a five million tonnes steel manufacturing plant in India.
The Chinese company is looking at sites in West Bengal, Jharkhand and Orissa as possible locations for its first mining and manufacturing unit in India.
Chen said that the issue of a large number of anti-dumping measures initiated by India against China had been discussed during a meeting with Minister of State for Commerce Jairam Ramesh.
The anti-dumping provision under the World Trade Organisation (WTO) is to help countries protect the domestic industry and farmers against unfair trade practices.
India has initiated 47 anti-dumping cases against China, the official said.
"Both the governments should work closely to ensure that there is more bilateral trade and such anti-dumping measures should not be undertaken. Chinese companies should also consciously avoid attracting such trade measures," he said.
Bilateral India-China trade is expected to touch $20 billion by the year-end and is targeted to reach $30 billion by 2008.