Indian Iron Ore Export Tax To Be Raised Spot Caught On Price Increase
Baosteel and Australia in two Iron ore Iron ore suppliers have not yet end of the negotiations
, India has been considering imposing tariffs on iron ore exports, which will increase the cost pressure Chinese steel mills. Reporter learned yesterday, affected 63.5% of domestic imports of iron ore in India offer at 195-200 U.S. dollars / ton. Basically back to a high of years ago, and the Indian shipping market, the negative external drive.
China signed a long requested that the proposed
Last week, India Steel State Secretary, Ministry Dr.JSSarma visit, respectively with China Steel Group (India's iron ore imports in the first), China Iron and steel industry Association, Business Department and other corporate and department heads met. Dr.JSSarma said after the meeting, China and India to China and Australia reached a similar long-term supply agreements, "China presents us with long-term agreement, but we have not given back."
The past two years, China and India have been put forward such proposals, because the way the Indian iron ore has been the high spot market benchmark, the three mines to seek international long association mining an important basis for price hikes. India is China's third-largest iron ore supplier, second only to Australia and Brazil. India exports 93 million tons of iron ore per year, of which 85% are shipped to China. Dr.JSSarma said that India itself would also like to save as much as possible resources. Indian steel manufacturers are required to reduce its iron ore exports to ensure domestic demand.
Steel consultancy MYSTEEL Research analyst said that as India's domestic iron ore mixed enterprises, small and medium mining more difficult for the external form of low concentration of effective Cooperation Mechanism, which along with Australia, Brazil's iron ore supplier's "oligarchs" business is fundamentally different. China Steel Group, the official said, would like to expand the mine's long-term cooperation with India is not easy, the characteristics of its iron ore market, follow the market very difficult to change.
Indian iron ore export tax to be imposed
Exports to China last year, India's iron ore tariffs of 300 rupees / tonne, therefore, India aware of the tariffs set too low. Steel Ministry of India that, even if the tariff did not raise the issue again, because Chinese companies are interested is to find long-term stability of supply. In addition, it also reflects the requirements of Indian steel companies to protect the position of the domestic market supply.
Dr.JSSarma said that Indian steel ministry has proposed to the Indian Ministry of Finance imposed on iron ore export duty of 25%. By the end of February in India on this issue will be discussed. India would like to taxation according to grade according to the actual export prices to a certain percentage of revenue. Earlier, the Government of India had 64% or more grade high-grade iron ore exports in order to permit limited way.
Got wind of the Indian iron ore rise
China Steel Group, told the reporters that long-term agreement in the international iron ore prices rose 65% confirmed, the Indian domestic iron ore price has also risen by nearly 20% of enterprises Purchase Greater pressure. DU Wei
joint metal mesh analysts said the domestic Indian iron ore imports have been restored to the year high point, the ship is not the main reason is the Government of India positive on the recent iron ore export tariff adjustments may be introduced, rumors in March will begin the implementation of the new export tax. The adjustments are conflicting, 10% -15% of the rate of increase likely to rumors of a rate of 25% is unlikely.
DU Wei analysis, India is now 63.5% grade according to FOB 150 U.S. dollars / ton, 25% of the revenue will increase by 37.5 U.S. dollars / ton cost pressures. CIF will be more than 210 U.S. dollars, exceeding the capacity of Chinese enterprises. Since the new tax system will soon introduce a tax increase after the cost of the treatment is completely passed on? Or assessed? Indian suppliers unwilling to ship in the current sensitive period.
Indian Iron Ore Export Tax To Be Raised Spot Caught On Price Increase
By: zhangbetty
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