| Date: |
21-05-2010 |
| Subject: |
Steel mininister favours iron ore export curbs |
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The steel ministry is in favour of more restrictions on iron ore exports to improve the availability of the raw material for local steel makers, steel minister Virbhadra Singh said on Wednesday, according to a statement from a trade body.
"If need be we will resort to taxation measures and quantitative restrictions to conserve the use of iron ore for today and for the future. But such measures can be brought in a phased manner with a clear long-term plan," Singh was quoted as saying at an event in a statement from the Federation of Indian Chambers of Commerce and Industry.
Last month, the government raised export tax on iron ore lumps to 15% from 10% earlier as prices of the commodity rose and the steel industry clamoured for export curbs.
Source : Moneycontrol.com
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