Indian mines ministry has urged finance ministry for removal of export duty on iron ore extracted from Goa. Mines Secretary Mr. Balvinder Kumar has written to the finance ministry about two weeks ago, but they are yet to get back.
It is to be noted that on low grade iron ore fines (less than Fe 58%) export duty is currently at 10% and those for fines (above 58%) it is 30%. Export duty on lump is 30% irrespective of grades.
As a measure to boost sales amid a sharp plunge in global iron ore prices, Mines ministry has urged for scrapping of export duty on low grade iron ore extracted from Goa. Iron ore obtained from Goa is mostly of low-grade ore which is mostly exported to China.
Prior to this in mid of Jan’16 Goan miners have and Goan govt. had urged the central govt. for removal of export duty on iron ore.
Monthly average global iron ore fines prices have declined by around USD 23/MT since Jan’15. Iron ore exports from Goa have resumed in Oct’15 after a gap of 8 months.
-Sourced
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