Steel ministry wants iron ore export duty hike

September 9th, 2008 - 9:17 pm ICT by IANS  

Kolkata, Sep 9 (IANS) To keep down steel prices, the central steel ministry has recommended an additional five percent duty on iron ore exports.”We have suggested that export duties on iron ore be raised by another five percent over the present level of 15 percent,” Union Steel Minister Ram Vilas Paswan said here Tuesday.

The finance ministry is currently studying the proposal, he said on the sidelines of the foundation day celebration of MSTC Ltd.

“The demand from the domestic steel producers should be met first; the surplus could then be exported,” he said.

The ministry is in favour of either banning the export of high-grade iron ore altogether or raising export duties.

The minister said steel “prices should come down.”

Domestic steel makers have been told to cut steel prices as international prices of steel have already started coming down, he said.

“There is no justification for the steel industry to keep raising prices and make profits in excess of 15 percent,” Paswan said.

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