Indian steelmakers' body seeks export tariff on low-grade iron ore, pellets
India's leading steelmakers' body wants the government to impose an export tax on low-grade iron ore and pellets to address local shortages, according to a letter by the Indian Steel Association , which was seen by Reuters.
India, the world's fourth-largest producer of the steel-making ingredient, targets to double its steel output to 300 million metric tonnes per year by 2030 to aid its economic expansion and infrastructure development.
The ISA has sought a 20% export tax on low grade ore that has less than 58% iron content, and a 10% export tax on all iron ore pellets, it said in a July 17 letter to the federal Ministry of Steel.
The ISA estimates shortages of the steelmaking ingredient in India would rise to more than 100 million metric tonnes per year in the coming years compared to the present 55 million metric tonnes.
That has led to some companies blending higher-grade and lower-quality ore for exports, said the ISA, whose members include major producers such as ArcelorMittal Nippon Steel India, Steel Authority of India, JSW Steel and Tata Steel.
The steelmakers' body has also sought fast-tracking of iron ore lease auctions and higher production of the ore from state-owned producers to meet the 2030 steel production target.
Earlier this year, the steel ministry refused to consider a proposal from small steel producers to levy an export tax on iron ore and pellets citing lack of evidence to suggest that exports had hit local steel producers, Reuters had reported .
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