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The Indian Steel Ministry is calling for a complete ban on chrome ore exports to protect its limited chrome ore reserves, which are mainly located in the Sukinda valley and Boula in Orissa.
Chrome ore is used to make Ferro Chrome, an important Ferro alloy addition for making stainless steel, which is seeing year on year demand increase from India's rapidly growing economy, fuelled by urbanisation, infrastructure investment and a rapidly growing middle class with disposable income.
The Dang Committee which was set up by the steel ministry in 2005, argues that India has just 1 per cent of the world's total medium and high grade chrome ore reserves, and that unless exports are restricted these may not last 20 years. However, opponents counter that the Indian government already controls exports via quotas for high grade ores, minimum export prices and export taxes.
The ministry's concerns for securing key metallurgical resources is part of a growing trend, led by China and major corporations to secure global production and mineral reserve assets. However, there is a real danger that the age old arguments of free trade and competitive advantage are drowned out by increases in export and import taxes and quotas. After 10 years of a bull market in metal commodities, governments simply cannot resist ‘taxing everything that moves'. For example the Indian Ferro Alloys Producers Association's requests for the removal of import duties on chrome due to insufficient domestic production were met with an increase in duty on all ores and concentrates from 2 per cent to 2.5 per cent! - This increase is of course insignificant compared to duties imposed on various key metallurgical commodities by governments and trading blocks all over the world in the last few years.
