Indian Steel Mills Proposed to Raise Export Tariff on Iron Ore to Stabilize Stee

India's Ministry of Steel requested India's Ministry of Finance to raise export tariff to 20 percent on all levels of iron ores, with the viewpoint that the raise would help to increase the supply of iron ore in India, thus meeting the demand of domestic steel enterprises to expand in this fiscal year.

A senior official of India's Ministry of Steel claimed that raising the export tariff on iron ore, when its price is on the high side, could not only bring higher revenue to the Government, but also reduce the export of iron ore so as to achieve the increase

in domestic supply and stability in the prices of steel products. It is said that the India's Cabinet will soon make the decision of raising the export tariff on iron ore.