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Published: Friday 19 July, 2013

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The Finance Ministry on Monday hiked the export duty on iron ore lumps and fines to 30 per cent, effective December 30, 2011. In the 201112 Budget, the Government had increased the export duty on both iron ore fines and lumps to 20 per cent.



Indian iron ore exporters fear losing further ground in China, their key market, because of latest hike in export duty on iron ore. Global giants such as Vale, BHP Billiton and Rio Tinto are expected to eat into the market of Indian ore exporters, industry sources said.



will drop and India will now have no say in the global market, said Mr R. K. Sharma, SecretaryGeneral, Federation of Indian Mineral Industries FIMI, voicing concern over the duty hike.



The latest duty hike, the second such move in the current fiscal, has come as a blow to the exporters, who were hoping to gear up for the traditional peak export season of JanuaryApril.



Following the duty hike, shares of mining firms Sesa Goa Ltd and NMDC tanked on Monday, while that of steel firms such as JSW Steel and Tata Steel gained on the bourses.



Shares of Sesa Goa Ltd, the largest iron ore exporter, fell 4.53 per cent to close at Rs 156 on the NSE, while that of NMDC shed 3.48 per cent to end at Rs 155.30.



Among steel firms JSW Steel Ltd, which sources iron ore from the open market, gained the most at 6.9 per cent to close at Rs 542.20.



The Indian iron ore exports have already slowed in the past two years on duty hikes and rise in freight, besides being impacted by the curbs imposed by States such as Karnataka to contain illegal mining.



In the AprilNovember period this fiscal, exports have shrunk 28 per cent to 40 million tonnes over the corresponding yearago period.



might do another 5 or 10 million tonnes for the remaining part of the year. Only some exports might happen from Goa, where it is transported through the rivers, said Mr Sharma said. In 201011, India exported 97.64 million tonnes, which was 17 per cent lower than the previous year.



Though the Government did not provide any rationale for the latest duty hike, exporters see the steel lobbys hand behind the move. The steel industry has been demanding a ban on iron ore exports for sometime now, in a move to conserve the raw material with huge capacity addition in the pipeline.



Indian exporters, who accounted for a fourth of the Chinese iron ore imports in 2005, have seen their share gradually decline in the past several years. In 2009, the Indian share in China stood at 17 per cent and would have come down further in past two years.



The iron ore trade was expecting some good demand from China in the near term, as buyers had planned to conclude a few deals at $130 per tonne FOB ahead of the Chinese New Year, an analyst with OreTeam said. However, with the hike in export duty the hopes for those deals are down.



Iron ore duty hike may affect Goas economy Iron ore exports likely to fall 20 mt Mines Ministry for exporting all types of iron ores Efforts on to secure captive iron ore mines for RINL: Steel Secretary Iron ore exports down 18.60% in February Iron ore duty hike will temper steel price rise: JSW Mining ban: Sesa Goa margins may be hit East, west coast ports, zonal rlys ups michael michael kors outlet online et over duty hike on iron ore Iron ore duty hike puts Goa mining industry in a spot Hike in iron ore export duty aimed at domestic value addition



We must realize that by exporting our ore during the last 40 years, we were getting inadequa michael michael kors outlet online te value for our scarce natural resource. Perhaps, in the past the exports were necessary. But what was justifiable some thirty forty years back, when our steel making capacity was limited and our requirements also were limited, may not be justifiable now. With very good growth in the construction, engineering and automobile industries during the last 20 years, post liberalization, situation today is different. Our steel consumption have gone up considerably. We have erected modern steel plants and there is no reason to believe that these plants cannot make use of the entire iron ore produced in our mines. With new technical input, our steel plants can use the low grade ore produced by Goan mines. Thus, this is right time to reconsider our iron ore exports. Millions of tonnes of valuable minerals have been exported for the benefit of few industrial houses, whereas they could have established industries to process these minerals and exported as finished products. These mineral exports have enabled China export finished product michael michael kors outlet online s at a much competetive rates compared to India affecting our exports. While banning the mineral exports would have resulted in more illegal exports, corruption and scam such export duties would ensure that Indian producers can get them at a competetive rates. Will the Govt think positively and enfore the same export duty for all Minerals in the raw form exported from the country.



Posted on: Jan 3, 2012 at 14:08 IST



The steel industry is now shamelessly openly gleefully anticipating reduction in iron ore prices at the cost of the exchequer and people of India by reduction of prices from NMDCs ore supply to them after successfully lobbying the Steel and Finance ministries to increase the export duty on iron ore to 30%! In the name of conserving resources, these pvt profiteers are getting a Govt subsidy of Rs.25,000 crores from NMDC and railways at the cost of Indian Govt and public by NMDC flawed pricing formula of international iron ore price less export duty less export railway freight since the ore is for domestic supply, these factors of export duty less export railway freight should logically not be reduced to determine domestic ore price. Despite the huge subsidy, these steel producers have the face to increase steel prices for Indian consumers by Rs.5001500 this month based on increase in international steel prices, thus robbing Indian consumers of the benefit of subsidised ore! The michael michael kors outlet online

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