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Indian steel ministry suggests iron ore export tax hike

It is reported that Indian steel ministry has proposed a 5% point increase in the export duty on iron ore from 15% currently.

Mr Ram Vilas Paswan told reporters that "We have recommended 5 percent (point) hike in iron ore export duty to the finance ministry."

He added that "According to me there should be export ban on high quality iron ore with ferrous content of 62 per cent and above, at least till the domestic demand is met."

Steel firms have been demanding a duty hike to 35% to help increase domestic supplies and lower prices.

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