Export Tariff Doubled To 10 Per Cent
India’s government has raised the export duty on iron ore lumps to 15 percent from 10 percent,Finance Minister Pranab Mukherjee said in the country’s parliament on Thursday.
The move is designed to make more iron ore available for domestic steel makers, who are currently facing a shortage in ore supplies and higher prices.
India raised the duty on iron ore lumps in December to 10 percent from 5 percent. The duty on fines will remain at 5 per cent.
It is likely that India’s exports to China will suffer as a result of this move. India was the third largest supplier last year to China – the world’s largest steelmaker- but exports of 33.36 million tonnes between January and March of this year made it the second largest supplier, after Australia but ahead of Brazil.
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