India’s iron ore exports in March to reduce by 50%
It was reported that India’s iron ore exports in March is predicted to reduce by 50% as the government increased the export duty for iron ore to 20% and China’s demand has been decreasing.
Mr. R.K. Sharma, the Secretary of Federation of Indian Mineral Industries (FIMI) said as the export duty for iron ore has increased to 20% from March 1st, the country’s March iron ore exports wouldn’t exceed 5 million ~ 6 million tons in comparison of 13 million tons in last March.
Meanwhile, it’s known that India’s Karnataka state government’s ban has caused the country’s iron ore exports decline since last July. In addition, India exported 85.4 million tons of iron ore from April 2010 to February 2011, down by 18% year on year.
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