India may raise iron ore export duty further
India’s Ministry of Steel said that the government may raise the iron ore export duty further to depress the exports and meet the strong demand from domestic market.
In fact, Indian government just announced to hike the export duty of fine ores and lump ores from 5% and 15% to 20% respectively from April 1st, 2011.
It’s known that 50% of Indian iron ore were exported to foreign market over the past three years.
According to data, India produced 219 million tons of iron ore in the fiscal year 2009/10 and 117 million tons were exported to the foreign market.
Meanwhile, it’s estimated that India’s iron ore output in fiscal year 2010/11 would be at 208 million tons and the export volume would be at 97.66 million tons.
News Date 31 Aug 2011 10:20:20 reported by Nann Cheng