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It is reported that Indian’s imports of iron ore pellets which used in making steel doubled to hit 174,319 tons in May, due to the limited local supply, especially in southern Karnataka state which used to account for 25% of India’s total output.

India was used to be the third biggest supplier of iron ore but now hit by government and state’s policy of raised tax and ban of exportation.

Consequently, the iron ore output was slumped by 18% in the fiscal year to March 31st, 2012, pushing steel makers to operate in low capacity and helping to cut exports by 42%.

The iron ore exports has contributed significantly to foreign exchange earnings but now is sucking out foreign exchange from the country, the loss is about US$8.3 billion.