Economic Times : Iron ore duty hikes not justified

Industry News 2010-05-04 12:23:41


Source : Economic Times
There is no justification for an increase in duties for export of fines or a big increase in duties for lumps exports,” Commerce and Industries Minister Anand Sharma has said.
Mr Sharma pointed out that since mining was carried out in backward and tribal regions of the country, providing jobs to millions of people, a decision affecting its exports has to be taken with care.
So ,before taking any decision on increasing export duty, we should take a wholesome view,” he added.
The commerce department will also take up the issue with the steel industry,” he said addressing the media while releasing a strategy paper on increasing exports of engineering products.
Price of iron ore lump have almost doubled to $120-160 per tonne compared to the previous year. It could also have a dampening effect on steel prices which have risen by 20%-25% over the last few months.
The government at present levies an export duty of 10% on iron ore lumps and 5% on iron ore fines.

Last week , senior officials from the steel ,mines, commerce and finance ministries discussed the issue of raising the export duty on these different types of iron ore to increase the availability in the local market.

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