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Iron ore miners in India have halted exports of the metal as the global price slump and higher royalty fees eat away at the profitability.
Iron ore miners in India have halted exports of the metal as the global price slump and higher royalty fees eat away at the profitability.
According to Bloomberg:
The third-biggest iron-ore exporting nation until three years ago didn’t sell “a single gram” overseas in October and November, R.K. Sharma, secretary general at mining lobby group Federation of Indian Mineral Industries, said in an interview, without giving specific data. Miners have sought the scrapping of a 30 percent export tax levied in 2011 to be able to resume sales, he said.