India Imposes 5% Export Duty on Iron Ore Pellets from Jan 27th,2014

  • Friday, February 7, 2014
  • Source:Ferro-alloys.com

  • Keywords:iron ore, export duty, India
[Fellow]India started to impose a 5% export tariff of 5% on pellets from January 27, 2014 to restrict exports of iron ore
[Ferro-Alloys.com] India started to impose a 5% export tariff of 5% on pellets from January 27, 2014 to restrict exports of iron ore and iron ore thus to alleviate the shortage of domestic supply.
 
In earlier stage, India imposed 30% export duty on fine ore and lump, except pellets. Indian Chamber of Commerce (Assocham) pointed out that iron ore exporters take the advantage of zero export tariff policy on pellets and export a large number of pellets to evade taxes, deteriorating insufficient supply in the Indian domestic iron ore market.
 
From April to September 2013, India's iron ore production fell 14% to 70 million tons; however, iron ore exports are on the rise and increased by 129% for the first three quarters.
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