Union Minister Dharmendra Pradhan has said that the iron ore will be affected in the international sector for the next two or three years after the coronary virus attack.
China is the world’s largest producing country because of coronavirus, China’s imports and exports have been greatly affected.
The international iron ore industry is influenced by this trade effect. Indian steel companies should focus on expanding their production. He said the focus on special iron products could significantly capture the international iron market.
Greatly influenced by Chinese trade
India stands next to China in iron production. India produces 106 million tonnes per year. However, the gap between China and India is much higher. China production is 928.3 million tons.
As of yesterday, 70,548 people worldwide were attacked by coronavirus. The number of deaths outside China is 7৮০. So far 1,800 people have died.
China’s trade has declined drastically. “This is a great opportunity to strengthen India’s business,” he said.