India considering separate duty structure for Goa iron ore exports: minister

[MUMBAI] India is considering implementing a separate duty structure for exports of iron ore from the country's top exporting state and will look at raising import duties to stop dumping of steel, the country's mines and steel minister said on Thursday.

Mining in India's top iron ore-exporting state of Goa has been hit hard by a two-year ban on mining and a 30 per cent tax on exports, which has made it even more difficult for companies to sell iron ore to a world market where prices have almost halved in the past year.

The mines ministry has recommended that a different duty structure be implemented only for Goa because the iron ore mined from the state is of low-grade which Indian steelmakers are not keen on buying, Narendra Singh Tomar, the federal mines and steel minister, told reporters.

Tomar also said his ministry was looking at raising import duties to curb dumping of steel into the country, adding that he expected a decision could be reached before the federal budget on Feb 28.

REUTERS