News Brief
India To Set Up Mineral Trading Exchange On Lines Of London Metal Exchange
Critical Minerals (Representative Image)
Union Coal and Mines Minister G Kishan Reddy announced on Saturday (23 August) that the central government plans to establish a mineral trading exchange on the lines of the London Metal Exchange, news agency PTI reported.
Speaking to the media, Reddy said that the upcoming mineral exchange would be set up as per the norms of SEBI.
“Like the London Metal Exchange, we are going to set up a mineral exchange in India,” he stated.
The proposed exchange will serve as a platform for transparent price discovery, benefiting industries, traders, and other stakeholders across the mineral sector.
Mineral exchange was made part of recently-passed legislation and the guidelines concerned would be issued soon, Reddy said.
When questioned about the potential impact of US tariffs on India’s coal industry, the minister said the effect would be minimal.
Highlighting the government’s efforts, Reddy noted that India has significantly cut coal imports, resulting in foreign exchange savings of nearly Rs 60,000 crore.
He explained that many domestic steel manufacturers use boilers designed for high-quality imported coal.
The government, he said, is urging private steelmakers to adapt these systems to use Indian coal, thereby reducing import reliance.
The minister also underlined that efforts are underway to boost exports of coal, alongside plans to significantly scale up production of both coal and iron ore.
Reddy said that Prime Minister Narendra Modi had recently instructed that iron ore be exported. He further stated that the government is taking measures to step up aluminium production as well.
