India Considers Removing Iron Ore Export Tax

Iron Ore

In response to high domestic stockpiles, estimated at around 149 Mt, the Indian government is considering cutting or removing the 30% export tax on medium grade iron ore, Reuters reports. The tax applies to iron ore with an iron content of greater than 58% and is intended to protect supplies for domestic steelmakers. Indian iron ore exports have risen strongly this year with shipments to China, the country’s largest export market, up by 85% in January-September at 28.8 Mt.