| News & Trends | ||
| Budget update - Indian steel ministry pushing for 20 pct export tax on iron ore - 05 Feb, 2010 | ||
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BL reported that the Indian steel Ministry has asked the government to heavily disincentives iron ore exports and if the ministry has its way then the Finance Ministry could double the export duty on high-grade ore to 20% in the coming Budget. In its set of pre-Budget proposals for the Finance Ministry, the Steel Ministry pointed out that export of the mineral has surged in the first seven months of 2009-10 by more than 20% in comparison to the same period last year and such an increase in iron ore export was witnessed at a time when the country's overall exports were showing negative growth. Citing that the exports have spiraled up on account of global demand, particularly from China, the spot prices of iron ore fines (63.5 Fe) have risen to USD 90 per tonne to USD 95 per tonne FOB currently and therefore there is an urgent need to heavily disincentivise export of iron ore not only to conserve it for the long-term requirement of the domestic steel industry but also to curb its illegal mining. The ministry said in its recommendation "To prevent unabashed export of iron ore out of the country and to conserve it for long-term value addition by the domestic steel industry, an export duty of 20% may be levied on export of all varieties of iron ore." (Sourced from BL) | ||
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