Increase in export duty of iron ore to 30% (previously 20%) upsets mining firms and merchant exporters.
“It will be the end of exports of iron ore fines (a certain product size) from India. With an already high 20 per cent duty, export had declined 28 per cent in the first eight months of the current financial year,” said R K Sharma, secretary general, Federation of Indian Mineral Industries.
“Exports of iron ore was already undergoing a bad phase and hike in duty will make it worse. It will not be feasible for export iron ore from India. It is equivalent to ban on exports” said a large exporter based in Mumbai.
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