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

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SummaryAhead 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.

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.

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