India considering separate duty structure for Goa iron ore exports- minister-Shanghai Metals Market

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India considering separate duty structure for Goa iron ore exports- minister

Industry News 04:21:06PM Feb 05, 2015 Source:SMM

Thu, 5 Feb 06:23:00 GMT
  
 MUMBAI, Feb 5 (Reuters) - India is considering implementing a separate duty structure for exports of iron ore from the country's top exporting state and will look at raising import duties to stop dumping of steel, the country's mines and steel minister said on Thursday.

Mining in India's top iron ore-exporting state of Goa has been hit hard by a two-year ban on mining and a 30 percent tax on exports, which has made it even more difficult for companies to sell iron ore to a world market where prices have almost halved in the past year.

The mines ministry has recommended that a different duty structure be implemented only for Goa because the iron ore mined from the state is of low-grade which Indian steelmakers are not keen on buying, Narendra Singh Tomar, the federal mines and steel minister, told reporters.

Tomar also said his ministry was looking at raising import duties to curb dumping of steel into the country, adding that he expected a decision could be reached before the federal budget on Feb. 28.


(Reporting by Krishna Das in New Delhi; Writing by Aman Shah in Mumbai; Editing by Sunil Nair)

((aman.shah@thomsonreuters.com)(+91 22 6180 7029)(Reuters Messaging: aman.shah.thomsonreuters.com@reuters.net))

Keywords: INDIA IRONORE/DUTY

 

 
 
      
 
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© Thomson Reuters 2015. All rights reserved.+ more The Thomson Reuters content received through this service is the intellectual property of Thomson Reuters or its third party suppliers. Republication or redistribution of content provided by Thomson Reuters is expressly prohibited without the prior written consent of Thomson Reuters, except where permitted buy the terms of the relevant Thomson Reuters service agreement. Neither Thomson Reuters nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademark of the Thomson Reuters group of companies around the world.- less
 

 

Key Words:  INDIA IRONORE  DUTY    
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India considering separate duty structure for Goa iron ore exports- minister

Industry News 04:21:06PM Feb 05, 2015 Source:SMM

Thu, 5 Feb 06:23:00 GMT
  
 MUMBAI, Feb 5 (Reuters) - India is considering implementing a separate duty structure for exports of iron ore from the country's top exporting state and will look at raising import duties to stop dumping of steel, the country's mines and steel minister said on Thursday.

Mining in India's top iron ore-exporting state of Goa has been hit hard by a two-year ban on mining and a 30 percent tax on exports, which has made it even more difficult for companies to sell iron ore to a world market where prices have almost halved in the past year.

The mines ministry has recommended that a different duty structure be implemented only for Goa because the iron ore mined from the state is of low-grade which Indian steelmakers are not keen on buying, Narendra Singh Tomar, the federal mines and steel minister, told reporters.

Tomar also said his ministry was looking at raising import duties to curb dumping of steel into the country, adding that he expected a decision could be reached before the federal budget on Feb. 28.


(Reporting by Krishna Das in New Delhi; Writing by Aman Shah in Mumbai; Editing by Sunil Nair)

((aman.shah@thomsonreuters.com)(+91 22 6180 7029)(Reuters Messaging: aman.shah.thomsonreuters.com@reuters.net))

Keywords: INDIA IRONORE/DUTY

 

 
 
      
 
RELATED STORIES
Around 12 mln tonnes of iron ore stuck at Indian ports -officials
--------------------------------------------------------------------------------
 
 
 
© Thomson Reuters 2015. All rights reserved.+ more The Thomson Reuters content received through this service is the intellectual property of Thomson Reuters or its third party suppliers. Republication or redistribution of content provided by Thomson Reuters is expressly prohibited without the prior written consent of Thomson Reuters, except where permitted buy the terms of the relevant Thomson Reuters service agreement. Neither Thomson Reuters nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon. Thomson Reuters and its logo are registered trademarks or trademark of the Thomson Reuters group of companies around the world.- less
 

 

Key Words:  INDIA IRONORE  DUTY