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Indian mines ministry oppose to hike of export duty on lower grade of iron ore export

India’s export duty of iron ore was said to be surged from 20% to 30% from December 30th, 2010 onwards by the Finance Ministry in order to channelize the Iron ore to Indian steel industries.

Nevertheless, the mines ministry has different concerns over Finance Ministry's proposal to increase export duty on the low grade iron ore in the country.

It is expressed by mines ministry that at least low grade ores, which are not consumed by the steel industry, should be spared from the increase, Mr. AK Srivastava additional secretary ministry of mines said.

He commented that if export duty is increased on high grade, the low grade ore should be allowed to continue with the earlier duty.

The mines ministry has already written to the government about their views, which might be considered during Budget.