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Summit on iron ore industry begins today

Special Correspondent

China continues to dominate the world steel scenario

Bangalore: A two-day summit on the Indian iron ore industry organised by the Federation of Indian Mineral Industries (FIMI) will be held on November 13 and 14 at the Chancery Pavilion here.

Forum for interaction

According to a press release issued by the FIMI, the summit will "provide a forum for interaction between the Indian iron ore producers and the Chinese steel industry, trading companies, representatives of Governments, industry and many others interested in the future of the iron and steel industry and to discuss issues relating to joint collaboration, research and market trends".

Growth

China continues to dominate the world steel scenario. With a 33 per cent share of the world crude steel production in the first quarter of 2006, the country had seen an 18 per cent growth in crude steel production during the period, it said.

With imports of iron ore of 92.2 million tonnes in the first quarter of 2006, China's share in the world sea-borne iron ore trade (670 million tonnes) is as high as 41 per cent.

India's position

India is the second largest exporter of iron ore to China, with exports of 74.13 million tonnes in 2005-06.

To continue its presence in the Chinese market, the Indian iron industry had to reach new heights in productivity and optimise its operations. It was for this purpose that the summit is being held, the release added.

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