Thursday 11 December 2014

Indian Iron Ore Miners Halt Exports On Weak Prices And Higher Taxes - Report

Bloomberg reported that iron ore exports from India have halted as a global price slump and an increase in royalty fees made shipments unviable for miners battling high taxes levied on overseas sales.


Mr RK Sharma secretary general of Federation of Indian Mineral Industries in an interview, without giving specific data said that “The third biggest iron ore exporting nation until three years ago didn’t sell a single gram overseas in October and November. International prices have fallen to rock-bottom and our costs have remained high. You lose money on every ton you export.”


Mr KK Sahu port traffic manager at Paradip said that “There’ve been no iron ore exports from our port since the end of August.”


Mr AN Joshi, vice president for iron ore at Sesa Sterlite Ltd said that “Our costs are now higher than the prices we will get in the international market. The export tax has to be abolished altogether.” Miners have sought the scrapping of a 30% export tax levied in 2011 to be able to resume sales.


Source:steelguru.com





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