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JSW Steel urges higher iron-ore export tax

JSW Steel urges higher iron-ore export tax

Mumbai: Sajjan Jindal, JSW Steel md and the president of Associated Chambers of Commerce and Industry has said that India should hike the export tax on iron-ore to curb exports and stabilise domestic prices, in the manner China has done on coke and coking coal, writes Reuters. China last week raised the export duty on coke and coking coal, vital ingredients in steel making, in a bid to conserve them in the country and help battle power shortages caused in part by inadequate coal.

I think India should do a similar thing," Jindal told reporters at an industry event. "But not in response to what China has done. But even otherwise India should increase the export duty on iron ore." He pointed out that China's decision would impact domestic steel firms who face eroding margins from rising raw-material costs even as the government leans on them to hold prices. Jindal said the move would not affect JSW Steel as it imported very little of its coke.

In July, India had slapped a 15% export duty on iron ore as part of its measures to curb soaring inflation that touched a 13-year high of 12.44% in early August.

The JSW Steel md was non-committal when asked if JSW Steel would raise prices in September. "We'll look at it next month," he said.  [20/08/08]

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