India imposed a 5 per cent duty on exports of iron ore pellets, taking yet another step in conserving the raw material for domestic steelmakers that has slashed its shipments to top market China.
India already levies a 30 per cent tax on exports of iron ore fines and lumps since December 2011. Along with mining and export curbs in key producing states Karnataka and Goa aimed at addressing illegal mining, the tariffs have helped cut India's iron ore exports by around 85 per cent, or 100 million tonnes, over the past two years.
Iron ore pellets had been exempted from any duty previously given negligible exports out of India.
"However, in April-November 2013, exports of iron ore pellets have risen sharply, causing an apprehension about shortage of iron ore in the country," the Ministry of Finance said in a statement on Monday.
India's steel producers last month sought a tariff on exports of iron ore pellets to safeguard domestic supplies.
India's iron ore exports to China, most of them in the form of fines, dropped 65 per cent to 11.7 million tonnes last year, Chinese customs data showed. Read more..
India already levies a 30 per cent tax on exports of iron ore fines and lumps since December 2011. Along with mining and export curbs in key producing states Karnataka and Goa aimed at addressing illegal mining, the tariffs have helped cut India's iron ore exports by around 85 per cent, or 100 million tonnes, over the past two years.
Iron ore pellets had been exempted from any duty previously given negligible exports out of India.
"However, in April-November 2013, exports of iron ore pellets have risen sharply, causing an apprehension about shortage of iron ore in the country," the Ministry of Finance said in a statement on Monday.
India's steel producers last month sought a tariff on exports of iron ore pellets to safeguard domestic supplies.
India's iron ore exports to China, most of them in the form of fines, dropped 65 per cent to 11.7 million tonnes last year, Chinese customs data showed. Read more..
Source: Business News in Hindi
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