Duty On Exports Of Iron Ore Pellets

The government has scrapped a 5 per cent duty on exports of iron ore pellets to make overseas shipments competitive amid a sharp fall in the world price of the steelmaking raw material, a government order showed on Tuesday.

India imposed a 5 per cent duty on exports of iron ore pellets late last month, taking 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.

The government has scrapped a 5 per cent duty on exports of iron ore pellets to make overseas shipments competitive amid a sharp fall in the world price of the steelmaking raw material, a government order showed on Tuesday.

India imposed a 5 per cent duty on exports of iron ore pellets late last month, taking 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.