Increase in duty upsets mining firms, but steel companies set to benefit after complaining about lack of supply for months.
In a major setback to the mining industry, the ministry of commerce has raised the export duty on iron ore to 30 per cent from the existing 20 per cent, effective December 30.
"It will be the end of exports of iron ore fines (a certain product size) from India. With an already high 20 per cent duty, export had declined 28 per cent in the first eight months of the current financial year," said R K Sharma, secretary general, Federation of Indian Mineral Industries.
pls dont take a position in any mining and minerals cpy!!