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Export duty on iron ore raised again to 15 percent
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| A heap of iron ore pellets ready to be used in steel production. |
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SME Times News Bureau
The government raised the export duty on iron ore lumps to 15 percent from 10 percent previously, Finance Minister Pranab Mukherjee said while presenting the Finance Bill for 2010-11 on Thursday.
"Keeping in view the trend in the quantum of exports and domestic and international prices, the duty on iron ore lumps is being increased further to 15 percent," Mukherjee said.
In December, 2009 the export duty on iron ore lumps was enhanced from 5 percent to 10 percent and on fines from Nil to 5 percent.
The government, however, reduced the basic customs duty on stainless steel melting scrap from 5 percent to 2.5 percent.
"In response to representations from the domestic producers of stainless steel, I propose to reduce basic customs duty on stainless steel melting scrap from 5 percent to 2.5 percent."
Iron ore exports for 2008-09 was 106 million tonnes, of which about 85 percent were fines.
Recently, domestic steel prices increased due to iron ore prices nearly doubling to USD 120-160 per tonne. This resulted in an increase in input costs for many industries.
The hike in export duty of iron ore is seen as a move to increase domestic availability of the mineral, which would in turn help in controlling steel prices.
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