The Indian Minister for Steel Ram Vilas Paswan has stated that Indian government is currently mulling for a higher iron ore export duty to ensure this raw material availability to domestic steelmakers.
Regardless of the fact that the government imposed an export duty of 15 percent on iron ore only in June, last month the Associated Chambers of Commerce and Industry of India (Assocham) asked the government to increase the duty to 35 percent to increase its availability to domestic steelmakers and, thereby, stabilize the domestic steel prices.
However, according to Mr. Paswan, the government may decide against increasing iron ore export duty and not to disturb the market for finished steel where prices are more or less stable at the moment.