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India’s Iron Ore Exports May Drop on Tax, State Ban, Group Says

Iron ore shipments from India, the world’s third-largest exporter, may fall as much as 38 percent this fiscal year because of higher taxes and freight charges, and a ban imposed by the state of Karnataka.

Overseas sales may decline to as low as 66 million metric tons in the year ending March 31 from about 106 million tons a year ago, Federation of Indian Mineral Industries President Siddharth Rungta said today in a phone interview. Rungta had estimated a 25 percent drop in April.