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India cuts railway freight on iron ore exports by 16pct

India has reduced the railway freight on iron ore meant for exports by 16% effective Tuesday.

Mr HC Daga VP of Federation of Indian Mineral Industries said that the new freight has been set at INR 2,425 rupees per tonne of iron ore, down by INR 475 from the previous freight cost.

He said “Exports of iron ore had already become unviable and this is a beginning in right direction, but it needs to be reduced much more.”

India hiked iron ore export duties to 30% in January to conserve supplies for its own steel industry.