India iron ore powder ore export duty increases to 5%(12/27/2009)

The Government of India announced that from 25 pm on the 24th morning, the right mines of iron ore powder from 0 to increase export tariffs of 5% 5% lump ore from the original adjusted to 10%. The industry believes that this news will further stimulate the import of recent domestic iron ore spot prices in India.

Last year, the global steel production cut, reduced demand for iron ore, Indian iron ore exports are severely affected, and the Indian Ministry of Finance on December 7, 2008 announced the cancellation of export tax on iron ore, fine ore and the reduction of lump ore export tax to 5 %. With this year's restoration of the situation in India's iron ore exports, the Ministry of Steel Authority of India also has a proposal for the resumption of the imposition of export tariffs on iron ore.

It is reported that the three major mining companies due to the recent almost no supply in the spot market, Chinese steel mills casting their eyes on India. It also makes India a rapid ore prices rose 63.5% grade Indian ore CIF price 120 U.S. dollars / ton bid has been significantly higher than 62% of the grade of Australian ore spot prices, almost equal to 65% of the grade of ore spot prices in Brazil .
(Author Mosaic and Tile, China Leiyuan 12/27/2009)

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