India to cut export tax on low-grade iron ore to 10 pct from 30 pct
NEW DELHI, April 30 (Reuters) - India will cut the export tax on low-grade iron ore to 10 percent from 30 percent, Finance Minister Arun Jaitley said on Thursday, a move that will boost shipments of the steelmaking raw material from the state of Goa.
Most Indian steel companies lack the technology to use Goa's iron ore, which has an iron content of less than 58 percent. Chinese companies buy that ore but multi-year-low prices .IO62-CNI=SI have made higher quality ore more appealing.
Goa is the top iron ore exporting state in India.
The new duty structure will be applicable from June 1, Jaitley told the parliament. (Reporting by Manoj Kumar and Krishna N. Das; Editing by Anand Basu)
© Thomson Reuters 2016 All rights reserved.