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No plan to lift export duty on ore with higher Fe content - Ministry

Steel News - Published on Tue, 22 Jan 2019

Image Source: The Financial Express
Financial Express reported that India’s ministry of mines has turned down the iron ore industry's demand that ore with up to 62% iron content be not subject to export duty. Currently, exports of iron ore, for both lumps and fines varieties, of 58% Fe content and above attract a 30% duty. A mines ministry official said “Since there’s a glut in the international market for some time now owing to lack of demand from the steel industry, lowering duty will not help. So, the ministry won’t pitch for any change in the duty structure with the finance ministry.”

In a representation to the mines ministry, miners argued that since domestic steelmakers do not use iron ore having less than 62% Fe content, there should not be any duty on exports of these products. They also argued that lack of use of this material was only causing unnecessary stockpiles in the mineheads and coming in the way of production.

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Posted By : Rabi Wangkhem on Tue, 22 Jan 2019
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