Indias iron ore export tax changes a 2 year report

Industry News 2010-03-16 11:15:21


Source : Reuters
Published : March 11
NEW DELHI (Reuters) – The government has adjusted its export tax on iron ore several times over the last two years as the government tries to contain inflation and meet demand from domestic industries.
Following is a chronology of the changes:
- December - Increased duty on iron ore lumps to 10 percent and imposed a 5 percent duty on fines as prices rallied and moved above a psychologically key level of $100 a tonne.
- December - India cut duty on lumps to 5 percent, zero on fines as exports started tapering sharply after the end of the Olympic Games in biggest consumer China.
- November - Imposed a duty of 8 percent on iron ore fines to cushion the impact of the flat rate earlier.
- October - It set a flat rate of 200 rupees ($4) per tonne on fines to separate them from high duty on higher grade ores.
- June – It imposed a duty of 15 percent on exports of both lumps and fines as part of measured to curb inflation.
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