India imposes export duty on iron and chrome ore exports

India's Ministry of Finance has announced a Rupees 300 /mt ($6.7/mt) duty on iron ore and concentrate exports and a Rupees 2,000/mt ($45/mt) duty on chrome ore and concentrate exports. Meanwhile, the country has reduced the import duty from 20 percent to 10 percent on non-prime quality, i.e., on non-standard or defective steel products with surface defects or internal faults and that do not conform with the international specifications. Moreover, all coking coal imports are exempted from duty. According to the announcement from the Indian Ministry of Finance, the duties are to enter into effect immediately.