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Export duty on iron ore fines and lumps up by 5%

Press Trust Of India reported that the Indian government has increased the export duty on iron ore fines and lumps by 5% each.

A finance ministry notification said that the government has raised the export duty on iron ore lumps to 10% from 5% and on iron ore fines to 5% from nil.

Mr R K Sharma secretary general of the Federation of Indian Minerals Industries told PTI that "This decision has come at a wrong time when the exports were picking up and showing signs of recovery. This will have cascading effect on the steel industry."

He added that "Finance ministry should have waited for some time before increasing the export duty and should have allowed the steel industry to recover from the global economic meltdown."

Indian steel minister Mr Virbhadra Singh had earlier in a letter to finance minister Mr Pranab Mukherjee demanded 10% export duty on all grades of iron ore.

Korean car maker Hyundai Motors too is expecting the surge in demand to continue this month as well with a growth of 30% in domestic sales. Its sales had jumped by 92% last month to more than 28,000 units.

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