India's Steel Ministry has decided to push for a rise in the current iron ore export duty following a meeting an Indian ministerial delegation held with Chinese government officials and steel industry representatives in Beijing last Friday.
"Most countries in the world preserve their natural resources and meet their requirement through imports... There is a feeling we should preserve our natural resources to the extent possible," Indian Steel Ministry Secretary J S Sarma stated.
The Indian Steel Ministry is believed to have asked for a duty of 15-20 percent on an ad valorem basis. In the event of the ministry's success, the prices for Indian iron ore for China will rise significantly, and, thereby, will result in protests from the Chinese steel industry.