Mobile Site | Add to Favorites (0)
Sign In | Join Free | Subscribe Now! | Member Area Search
FerroAlloyNet.com
Advance Search
Popular Searches: Ferro , Chrome Ore Prices , Manganese Ore Price , Chrome Ore Price , Niobium Prices , Manganese Ore Prices , Lead Ore , Iron Ore  More
Event Movement

India: steel ministry demanding 30% export duty on iron ore

URL: http://www.ferroalloynet.com/article/india_steel_ministry_demanding_30_export_duty_on_iron_ore.html
Posted: Mon, 19 Sep 2011 02:07:00 GMT [2,277 days ago]
Keywords: Iron Ore
Channel: Iron Ore Policy
Tags: Iron Ore

The steel ministry of India will soon write to the finance ministry demanding to hike export duty on iron ore to 30 per cent from the current 20 per cent, a move to ensure that there is no shortage of the raw material for the domestic steel makers in the long-run.

"A proposal in this regard has been cleared by steel minister Beni Prasad Verma. It will now be sent to the finance ministry for its approval and implementation," said a source.

The proposal has also kept in mind the deteriorating level of country's raw material reserves, the source added.

The government in the Budget had hiked duty on iron ore, both fines and lumps, to 20 per cent in order to discourage exports and encourage value addition.

The hike was not appreciated by the iron ore industry, which had dubbed it as the "death knell" for it on which relies the livelihood of over a million people.

After the duty hike, exports of iron ore has declined by about 22 per cent to 25.2 million tonnes inApril-July to the corresponding period last fiscal.

The Federation of the Indian Mineral Industries expects iron ore exports to fall by over 20 per cent to 75 million tonnes in the current fiscal from 98 million tonnes in 2010-11.


SUBSCRIPTION:
Subscribe Now
Subscriber Terms & Conditions
Privacy Statement
SERVICES:
About FerroAlloyNet
Feedback
Advertise
Contact Us
FERROALLOYNET ACCESS:
LinkedIn
Twitter
Facebook
WeChat
LINK EXCHANGE:
Media Partners
QUICKLINKS:
Home
Site Map
Login
Free Trial
Email this page Email this page Bookmark this page Bookmark this page Print this page Print this page