Industry body seeks higher export duty on iron ore

The Pellet Manufacturers’ Association has sent a written request to the Prime Minister’s Office for an increase in export duty on iron ore from 30% to 50%. The association is specifically asking for the duty to be imposed on iron ore with more than 58% iron. The letter cautions that adequate adequate availability of iron ore of suitable grade at suitable prices would be crucial to achieve the nation’s vision of 300 million tonnes steel capacity by 2030-31, with a projected requirement of 480 mtpa of iron ore by 2030. According to PMA, exports of iron ore has surged due to low production costs, which keep exports competitive despite the existing duty of 30%.