On the same lines, New Delhi too lowered the export tax on iron ore and concentrates apart from the roasted iron pyrites to 30 per cent from 50 per cent. During October the iron ore exports of India had dropped to “nearly zero” due to higher export taxes and further it was expected to grow slowly because of lower demand from China
India through a notification cut down an export tax imposed on low grade iron ore lumps and fines containing iron content below 58 per cent, on 18 November. This order reversed an earlier order from May which had raised the tax to a steep 50 per cent to control inflation.
The said notification is effective from today (19 November). Also, through this, the government abolished export tax on few steel intermediates from 15 per cent, that too were imposed in May.
On the same lines, New Delhi too lowered the export tax on iron ore and concentrates apart from the roasted iron pyrites to 30 per cent from 50 per cent.
The notification said, “The Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments.”
During October the iron ore exports of India had dropped to “nearly zero” due to higher export taxes and further it was expected to grow slowly because of lower demand from China, reported a media agency.
The low-grade ore producers majorly depend upon overseas markets, because most of the domestic steel producers consume high-grade iron ore, the Federation of Indian Mineral Industries (FIMI) had said earlier during this year.
The intermediate steel products with high export tax too hurt the shipments significantly.
The exports of finished steel in India more than halved in the first seven months of the fiscal year beginning April 2022, the media report added.
During last week, India’s JSW Steel Ltd being the largest steel manufacturers in country, had said that there may be a fall in exports keeping it a five-year low in 2022/23 due of reduced global demand and the high export tax. The same was reported by media agency.