Mines ministry seeks 50% cut in export duty on iron ore fines

Written by Press Trust of India | New Delhi | Updated: Feb 16 2013, 05:38am hrs
Ahead of the Budget, the mines ministry has sought from the finance ministry reduction of export duty on low-grade iron ore by 50% to boost production to enhance export of the mineral.

We have sought reduction in the duty on fines to 15% from the finance ministry. Now they have to decide it. Presently there is a uniform duty of 30% on both iron ore lumps and fines, mines minister Dinsha Patel said here.

Shipment of fines, having low iron content and constituting around 92% of the total iron ore exports, were at 60 million tonne (MT)in 2011-12, data compiled by mining industry body FIMI showed. This is in contrast to about 120 MT exports achieved in 2009-10.

Between April-November, 2012, total iron ore exports were at 15 MT, down over 62% compared to the same period.