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Iron ore supplies in Karnataka have not picked up since the Supreme Court lifted the ban on mining 4 months ago. National Mineral Development Corporation (NMDC), may see production capacities cut by half.
Criticising Assocham's stand on the issue of iron ore export duty, miners in Goa today said the levy should not be a tool for subsidising "inefficient" domestic steel industry.
Miners' body FIMI has pitched for a drastic reduction in export duty on low-grade iron ore to 5 per cent from the present 30 per cent saying that the current rate has rendered shipments unviable.
The country is likely to import around 15 million tonnes (MT) of iron ore this financial year, following the virtual halt of mining operations in different parts of the country, a top industry official said today.
Exports of iron ore declined by about 22% to 25.2 million tonnes in April-July due to the ban on its shipments from Karnataka, industry body FIMI today said.
The Federation of Indian Mineral Industries (FIMI) today explored the potential of using Singapore as a major trading hub for Asian markets with the city state's two trade promotion agencies.