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Posted on Nov 22, 07:13PM | IBNS
Union Steel Minister Beni Prasad Verma on Thursday said that during the year 2011-12, the country's total production of iron ore was 169.66 million tonnes (provisional) as against the total estimated consumption of about 116.3 million tonnes by the domestic iron and steel industry.
Therefore, production of iron ore in India was in excess of the total estimated domestic consumption by the iron and steel industry, Verma said in a written reply in the Rajya Sabha on Thursday.
As per the available information, the hard coking coal spot prices are on a declining trend in international market during last one year and have fallen from the level of USD 310 per tonne in June, 2011 to USD 145 per tonne in October, 2012 (Free on Board (FOB) Australia; Source: SBB, as provided by Economic Research Unit, Ministry of Steel).
Verma said, to improve the availability of iron ore for the domestic iron and steel industry at affordable price, the government has increased the export duty on iron ore from 20pc ad valorem to 30pc ad valorem on all grades of iron ore (except pellets) with effect from 30.12.2011.
Import duty on coking coal and steam coal has also been kept at Nil, he said.