Wednesday, May 25,
Vietnam Government will hike the export duty on iron ore to 40% in early July from the current rate of 30% to ensure the availability of raw material for its domestic steel industry.*
The new rate will come into effect on July 2 following a Finance Ministry circular, the Government said in a statement.
“The export of iron ore in recent years has led many domestic steel manufacturing enterprises to face shortages of the raw material and forced them to import,” the government statement said.
China is among the major exporter of Iron ore from Vietnam. So, a hike in export duty in July combined with a supply crunch from India due to monsoons might make China to rely on its other major suppliers, Australia & Brazil.
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