Iron Ore Miners Battling Price Slump Halt Exports From India
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Iron ore exports from India have halted as a global price slump and an increase in royalty fees made shipments unviable for miners battling high taxes levied on overseas sales.
The third-biggest iron-ore exporting nation until three years ago didn’t sell “a single gram” overseas in October and November, R.K. Sharma, secretary general at mining lobby group Federation of Indian Mineral Industries, said in an interview, without giving specific data. Miners have sought the scrapping of a 30 percent export tax levied in 2011 to be able to resume sales, he said.