Posted on 03 May 2010
India to raise iron ore export tax
According to report by Finance Minster on Thursday, the Indian government has increased the export tax on iron ore lumps from previous 10 percent to 15 percent.
It is believed that such policy will reduce the purchase from China and make the raw material to be more available for the domestic market.
India has been the second largest iron ore supply to China this year. According to data, China has imported 33.26 million tons of iron ore in Jan-March period, though it is a 2.4 percent down year-on-year.
