Consideration for re-export tax on export of iron ore

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Demand from steel producers to increase availability at home


Mumbai: It is being learned that the government is considering reimposing export tax on iron ore to reduce the export of low-grade iron ore from the country after a proposal was brought before the government to ban the export of iron ore by the small steel producers of the country.

Most of India's iron exports go to China. India is the fourth largest producer of ore in the world.

Due to increase in domestic demand of steel, consumption of iron ore by steel producers has increased. In such a situation, small steel producers want to increase the availability of ore in the country. Domestic iron ore prices have also increased by 30 percent recently as export demand remains high.

Government sources said that an opinion has been sought from the Ministry of Steel regarding the application of export tax on iron ore.

To increase the supply of iron ore in the country, the government had imposed a 50 percent export tax on iron ore from May 2022, but this tax was withdrawn six months later. As exports stalled, the government was forced to withdraw the tax. A total of 3.22 crore tonnes of ore has been exported from the country in the first nine months of the current financial year. In the first nine months of last financial year, the export figure was 95 lakh tonnes.

Considering the speed of the country's economic growth, the demand for steel is also expected to remain high. On the one hand, the steel producers are demanding a ban on exports, while on the other, the Federation of Indian Mineral Industries has reportedly requested the government not to impose a ban on iron ore exports.

India exports mostly low-grade iron ore that is not particularly consumed at home, claims the federation. But smaller steel producers are reporting using low-grade iron ore.

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