India and Australia Both Raise Export Tariff on Iron Ores

[2010-05-18 14:21:03]


Recently, India and Australia have both taken new tariff policies on the exportation of iron ores in succession. India announced to raise the export tariff on lump iron ores to 15% from 10%; the Australian Government plans on introducing a "Lease Tax on Resources" with the tax rate as high as 40% on the domestic resources industry, which is sure to affect the prices of the imported iron ores.

India and Australia are two major suppliers for Chinese importation of iron ores. According to the statistics, in 2009, the Tangshan Port of China imported iron ores of 86.0291 million tons in total, in which the Indian ores and the Australian ores together accounted for 70%.

Source: ETCN
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