Export duty on iron ore lumps, fines hiked to 30%

The Finance Ministry on Monday hiked the export duty on iron ore lumps and fines to 30 per cent, effective December 30, 2011. In the 2011-12 Budget, the Government had increased the export duty on both iron ore fines and lumps to 20 per cent. Indian iron ore exporters fear losing further ground in China, their key market, because of latest hike in export duty on iron ore. Global giants such as Vale, BHP Billiton and Rio Tinto are expected to eat into the market of Indian ore exporters, industry sources said.

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