EXPORT IMPORT DATA

Date : 27-Dec-2012
Subject : Reduce export duty on iron ore fines to 5 pc in Budget: FIMI

NEW DELHI: Miners' body FIMI has pitched for a drastic reduction in export duty on low-grade iron ore to 5 per cent from the present 30 per cent saying that the current rate has rendered shipments unviable.

"We have requested the government to slash export duty on iron ore fines in the Budget to the level it existed prior to March 2011, at five per cent," R K Sharma, Secretary General, Federation of Indian Mineral Industries (FIMI), said.

Export duty on the key steel-making raw material has gone up progressively from zero in FY09 to five per cent in FY10, to 20 per cent in FY11 and to 30 per cent in FY12, he said, adding "such high duty has rendered exports unviable."

"The export duty of 30 per cent on iron ore fines is deterrent to the effective functioning of the Indian mining industry," he added.

Fines, having low iron content, constitute around 92 per cent of the total iron ore exports, which stood at 60 million tonnes in 2011-12, down 39 per cent over the previous fiscal.

There is hardly any domestic taker for fines in absence of the necessary technology to use them for iron making. But, fines are inevitably generated as a co-product while producing Calibrated Lump Ore, which are used by domestic steel makers.

"The ratio of lumps to fines generation is around 30:70. So for every tonne of production of lumps, about two tonnes of fines are produced," Sharma said.

"Unless fines are evacuated from the mines, there cannot be further production of lumps for supply to the domestic user industries. This has resulted in a fall in production as mines pit are clogged with fines. Stocking of these fines for a longer period would create environmental hazards," he said.

The high duty on exports has also left India losing its competiveness in the global markets. India's share in iron ore export to China have come down from 20 per cent in 2007 to 11 per cent in 2011 and further down to eight per cent in the first half of 2012.

Source:-economictimes.indiatimes.com


Welcome Guest
User Login
Username or Email
Password
» Register Now
» Forgot Password ?

Enquiry Form
Name*
Company Name
Company Address
Phone*
Email*
Products
Information Sought
Image Verification
*Compulsory Fields

EXIM NEWS - EXPORT IMPORT
  • India, South Korea Plan $10 Billion E-Park In Iran
    Emphasizing That Increasing Oil Production And Export Is Iran’S Key Programme For The Post-Sanction Era, The Official Stated That, “To This End, So Far, Modernization, Upgrading, And Overhaul Of All Facilities And Infrastructure Of Oil Terminals Have Been Carried Out”.
  • Government Raises Import Tariff On Gold To $369 Per 10 Grams
    The Government Today Raised The Import Tariff Value On Gold To Usd 369 Per 10 Grams Taking Strong Cues From The Global Market.
  • India Set For Sixth Year Of Sugar Surplus On Record Production
    Sugar Production In The Year Starting In October Will Rise 1% To 28.9 Million Metric Tons, Beating The Previous All- Time High Set In The 2006-07 Season
  • Exporters Told To Focus On China, India And Asean
    The Next Governor Of The Bank Of Thailand Yesterday Urged The Export Sector To Focus On The Chinese, Indian And Asean Markets Since They Still Enjoy High Demand And Rising Purchasing Power.
  • Rupee Trims Initial Gains; Still Up 11 Paise At 66.37
    The Rupee Partly Trimmed Its Gains But Was Still Trading Strong By 11 Paise At 66.37 Due To Sustained Bouts Of Dollar Selling By Banks And Exporters.
  • India Can Bypass Pakistan For Gas Pipeline Project With Iran: Assocham Study
    India Must Fully Exploit The Economic Opportunities Unfolding From Lifting Of Western Sanctions On Iran , Bypassing Pakistan For Import Of Natural Gas As Also Enhancing Merchandise Trade Through A Preferential Trade Agreement(Pta) With The Key West Asian Strategic Nation, An Assocham Study Has Said.
  • Us Extends Anti-Dumping Duty On Mushrooms
    The United States Has Extended The Anti-Dumping Duty On Indian Preserved Mushrooms For Another Five Years. The Move Would Impact Domestic Exporters As The Us Is A Major Export Destination For India. Punjab, Haryana, Himachal Pradesh, And Jammu & Kashmir Are The Major States Which Are Producing The Commodity. Solan In Himachal Pradesh Is Popular As 'Mushroom City Of India'.
  • Skewed Duty Lets Thai Tractors Breeze Into India, Cripples Domestic Market
    Commerce Ministry Figures For The Last 3 Years Show Thai Tractor Exports To India Go From 20 Units In 2012-13, To 2,330 Units In 2013-14 To Finally Clock In 4,092 Units At The End Of 2014-15 - A 200-Fold Jump In 2 Years. Even More Notably, Thai Tractors Exports To India Were Zero Before 2010-11.
LATEST NOTIFICATIONS