India needs to scrap iron ore export tax as prices sink – miner Sesa

(Reuters) – India needs to swiftly remove a tax on iron ore exports, the country’s top private miner of the commodity said, calling the duty an “economic barrier” in the face of falling global prices.

The country’s iron ore shipments have already slowed to a trickle after a ban on mining in key producing states, with a 30 percent tax on exports making it even more difficult to sell to a world market where prices have sunk 40 percent this year.

Read more at: http://in.reuters.com/article/2014/10/08/sesa-sterlite-ironore-mining-idINKCN0HX0BM20141008

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