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India considers revoking customs duty on iron ore
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It is reported that the Indian finance ministry is considering removing 2.5% customs duty on iron ore. The inspection is under progress.
According to the Associated Chambers of Commerce and Industry of India (ASSOCHAM), the 2.5% import duty on imports of raw materials has caused a burden on the domestic steel companies and they are running below full capacity.
The measure is expected to provide some relief to the domestic steel makers that keeps imported high quality iron ore to be available following a ban on mining in states such as Karnataka.
Imports can be cost effective for the steel makers due to high rail freight charges in the country.
News Date
6/25/2012 3:23:20 PM
reported by
Ren Jhuang
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