India’s Iron Ore Exports Plunge

Reuters reported India’s iron ore exports are likely to be 75 percent lower than previously expected in the quarter ending in March as taxes rise.

As quoted in the market news:

Asia’s third-largest economy announced a 50 percent jump in export duties on Monday to 30 percent, prompting traders to slash their forecasts for exports for the year to March 2012 to around 50 million tonnes from 65 million. That was already down from 97 million tonnes last year.

Click here to read the full Reuters report.