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News: Iron Ore
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%.
The driest November in 10 years has caused extremely low water levels in Germany's river and canal systems. Water levels on the Rhine have fallen to less than a metre in places and ship owners are refusing to sail on the German stretch of the Danube for safety reasons.
Indian domestic prices for directly reduced iron (DRI) have increased sharply due to continuing shortages of iron ore and coal.
Vale, the biggest shareholder in Tecnored Desenvolvimento Tecnologico S.A., has announced the start up of a new pig iron demonstration plant which does not use traditional blast furnaces and is much easier to shut down or expand capacity.
Directly reduced iron (DRI) prices in the local Indian market have increased due to the continuing iron ore shortage caused by the ongoing ban on mining in the Karnataka region of India and an increase in scrap prices. DRI production has been severely hampered by the iron ore shortage and about half the DRI plants have shut down, with the remainder working below capacity.
The Australian government is currently considering a carbon tax on mining operations that will affect raw materials such as chromite, coal, iron oxide, zircon as well as ferro alloys such as Ferro Chrome and Ferro Manganese.
Officials in India are looking at adding an extra 5 to 10% onto the current export duties on iron ore of 20%.
Currently, almost half of India's iron ore production is exported and there is a fear that further increases will make Indian miners increasingly uncompetitive.
