Mines ministry proposes cutting iron ore export duty

Reuters

19 February 2016 at 4:31 am

NEW DELHI (Reuters) - India's mines ministry wrote to the finance ministry on Friday proposing cutting the export duty on high-grade iron ore to 10 percent from 30 percent, Mines Secretary Balvinder Kumar told Reuters, as shipments tank amid a crash in prices. "Exports have fallen drastically and there are stocks of 126 million tonnes in three states," Kumar said. "Prices are so low now that exports are not viable." (Reporting by Krishna N. Das; Editing by Anand Basu)

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