Sinosteel suspends purchases of Indian iron ore

SteelOrbis Shanghai Sinosteel Group has announced its suspension of iron ore purchases from India in the wake of the emergency meeting called by the China Chamber of Commerce of Metals, Minerals & Chemicals Importers & Exporters on March 6 – according to a report from International Finance News. Some industrial insiders point out that if Sinosteel Group can successfully maintain this stance, then its move will have an influence on the Indian Government as regards the official issuing of the new export duty on iron ore. On February 28, India's Ministry of Finance announced a Rupees 300 /mt ($7/mt) duty on iron ore and concentrate exports and a Rupees 2,000/mt ($45/mt) duty on chrome ore and concentrate exports. The new policy has been effective since March 1 and is to be submitted to the Congress in two weeks' time.