Indian export duty on iron ore may increase
It is reported that in order to prevent the steel price from soaring further, India government may raise export duty on iron ore to 20 percent from previous 15 percent. The move is to improve the domestic supply of iron ore, especially for high grade lumps.
The issue would now be discussed by the Committee of Secretaries (CoS) for final approval. Earlier this month, China also increased its export tax on coking coal to 40 percent from 25 percent to maintain domestic steel industry.
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