NEW DELHI - The increase in export taxes on iron ore, announced by the Indian government over the weekend, will lead to large surpluses at home, and mainly hit producers of low grade ores that depend on overseas markets, a mining industry body said on Monday.

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The Argus 62pc index stood at $129.10/dmt on 17 May, down by 40pc on the year.

Efforts should also be made to ensure stable supplies and prices, he said.

In 2021, US imports of HRC totaled 3.4mnt, with CRC imports at 1.71mn t and HDG imports at 2.69mn t.

US hot rolled coil (HRC) prices took their largest fall today since the beginning of February as mills continued to lower prices and buyers pushed for steeper discounts.

UK-Australia resources firm Rio Tinto expects to benefit from an increased demand for metals and minerals needed to tackle climate change.