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India's Ministry of Commerce has raised the export duty on iron ore to 30% effective from December 30th 2011, a 50% rise from the previous 20%.
India is one of the world's biggest exporters of iron ore, with much of it bought by China, which has the largest steel industry in the world. However, with Australia and Brazil already the dominant world exporters of iron ore and no current supply shortfalls it is doubtful whether this unilateral action by India will have a significant impact on world prices.
The secretary of the Goa Mineral Ore Exporters' Association - Glen Kalavampara, expressed shock at the decision to hike export tax, stating that such volatility in policy did not promote India's image as a reliable supplier.
There is a silver lining however, as domestic steel industries which have been having difficulty getting the iron ore it needed due to the mining ban in Karnataka's Bellary district are set to benefit from the projected reduction in iron ore exports out of India.
