India's Mines Ministry is seeking to reduce the country's iron ore export tax from the current 30 percent amid the sharp decline in iron ore exports, according to media reports. The Indian government increased the iron ore export tax from 20 percent to 30 percent in late 2012 to ensure domestic availability of iron ore.
Meanwhile, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that "any relaxation provided for iron ore exports will further cripple the domestic steel industry, open further floodgates for import of finished products and strain the already worrying current account deficit".