Business

Iron ore export duty cut proposed

Iron ore export duty cut proposed

By REUTERS

NEW DELHI: India’s mines ministry wrote to finance ministry on Friday proposing cutting export duty on high-grade iron ore to 10 per cent from 30 per cent, Mines Secretary Balvinder Kumar said, as shipments tank amid a crash in prices. “Exports have fallen drastically and there are stocks of 126 million tonnes in three states,” he said. “Prices are so low that exports are not viable.”