Comments
The Pellet Manufacturers’ Association has written to the Prime Minister’s Office seeking an increase in export duty on iron ore from 30 per cent to 50 per cent. The request is for a higher duty on all iron ore that has more than 58 per cent iron.
To realise the nation’s vision of 300 million tonnes steel capacity by 2030-31, adequate availability of iron ore of suitable grade at suitable prices would be crucial to meet the requirement of 236 million tonnes per annum (mtpa) iron ore (with 62 to 65 per cent iron) by 2020 and 480 mtpa by 2030, the letter from PMAI said.
India produced 109 million tonnes of steel in financial year 2018-2019 (from April to January). The association said there had been a multi-fold increase in iron ore exports in the last few years in spite of the 30 per cent duty in place. This is because production costs in India are low and exports are lucrative at present prices despite the duty.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.