According to The Australian Financial Review, Indian iron ore producer National Mineral Development Corporation chairman Mr Rana Som expects the developing country to stop shipping iron ore to China within five years, opening the door for another 100 million tonnes a year to be sent from Australia.

According to the report, Mr Som said Indian pig iron production would jump from 65 million to 100 million tonnes per annum as Indian miners feed growing domestic demand.

He said that “I don’t think that in the near future India will be required to import iron ore.”

He added that "I feel India will slowly withdraw from the iron ore market and that will give extra space to the Australian iron ore market to export more and more quantity to the traditional markets of China and Japan.”

(Sourced from www.businessspectator.com.au)