In bid to lower cost of steel, India imposes 50% tax on ore exports

Robert Besser
26 May 2022, 07:42 GMT+10

In a move expected to end the country's exports of the raw materials needed to manufacture steel, the Indian government has imposed a 50 per cent export tax on all grades of iron ore
India's finance ministry has said the higher tax came into force on 22nd May
Iron ore, with an iron content of more than 58 percent, was already subject to an export duty of 30 percent, making it too expensive for export

NEW DEHLI, India: In a move expected to end the country's exports of the raw materials needed to manufacture steel, the Indian government has imposed a 50 per cent export tax on all grades of iron ore.

India's finance ministry has said the higher tax came into force on 22nd May.

Iron ore, with an iron content of more than 58 percent, was already subject to an export duty of 30 percent, making it too expensive for export. But the government has now imposed a 50 percent tax on iron ore and concentrates.

Industry observers note this is consistent with the government's intention to lower the cost of domestically consumed steel.

The finance ministry said exports of iron ore pellets, which were previously not subject to any taxes, are now to be taxed at 45 percent.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Zimbabwe Star.

More Information

58 ℉

Fair in Madison

International

Section

UK's Telegraph news block in Russia due to war coverage

MOSCOW, Russia: The UK newspaper, the Telegraph, has been blocked in Russia, following a request from the Russian prosecutor-general.The TASS ...

Airbus captain tries to land at Lahore runway closed two years ago

LAHORE, Pakistan - An Airbus 320 carrying 171 passengers narrowly avoided an accident at Allama Iqbal International Airport, Pakistan's second-largest ...

Biden vows to combat effects of Supreme Court decision on Roe v. Wade

WASHINGTON, DC - U.S. President Joe Biden on Friday vowed to "do all in my power" to protect a woman's ...

Myanmar junta minister discusses nuclear cooperation with Russia

YANGON, Myanmar - According to military-run media, a junta delegation discussed nuclear technology collaboration with a Russian state-owned atomic energy ...

U.S. to provide Tk2.3 crore as emergency funding for northern Bangladesh

DHAKA, Bangladesh - The United States Agency for International Development (USAID) is providing more than Tk2.3 crore in emergency funding ...

661 pound freshwater fish caught in Cambodia river

PHNOM PENH, Cambodia: Cambodian villagers on the Mekong River have caught a stingray fish weighing 661 pounds, which is the ...

Africa

Section