Indian domestic steel producers have sought the imposition of export tax on iron ore and pellets citing shortages in the domestic market, the Indian Steel Association (ISA), the representative body of steel companies, said on Thursday, August 15.
In a communication to the ministry of steel, the ISA has sought a 20 percent export tax on low grade ore that has less than 58 percent iron content, and a 10 percent export tax on all iron ore pellets.
The ISA estimates shortages of the steelmaking ingredient in India would rise to more than 100 million metric tons per year in the coming years, compared to the present 55 million metric tons.
India currently does not tax exports of low-grade iron ore but levies a 30 percent export duty on high-grade iron ore.
