India's possible iron ore export tax could negatively impact Chinese steel mills

摘要

The Indian Ministry of Steel's proposed 10 percent to 15 percent tax on iron ore exports to reserve mineral resources for the development of India's steel industry reported by Indian media yesterday has prompted Chinese analysts to voice concerns over the impact such taxes would have on domestic steel mills. The Ministry of Steel submitted pre-budget recommendations to the Finance Ministry last week. The proposed duty would be based on current FOB prices, replacing a system of fixing specific rates on every tonne shipped out of the country. The budget is expected to be completed on 29 February, according to a report released yesterday by the Mint, a national business newspaper in India.