Saturday, March 05,
India’s mineral industries body wants the government to abandon plans to hike iron ore export duties which is hurting sales to China, the country’s biggest buyer of low-grade ore..*
The 200-member strong Federation of Indian Mineral Industries (FIMI) will ask for a full rollback of planned export duties on iron ore lumps and fines to pre-budget levels on Monday, Secretary-General R.K. Sharma said on Friday.
The move, effective April 1, was announced in the budget for the financial year 2012 on Monday and could make Australian and Brazilian ores more attractive to Chinese buyers.
FIMI wants to keep the duty back at pre-budget levels of 15 percent for lumps and 5 percent for fines, Sharma said. Exporters are already battling with two freight rate hikes in the past three months on top of the export duty hikes.
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