Iran to Impose Iron Ore Export Duty

May. 23, 2013 04:30PM PST

Reuters reported that Iran is planning to tax iron ore exports at a rate of 40 percent to take advantage of a jump in sales to China.

Reuters reported that Iran is planning to tax iron ore exports at a rate of 40 percent to take advantage of a jump in sales to China. The country is currently restricted from exporting oil and other commodities due to sanctions.

As quoted in the market news:

Iran’s iron ore exports to top steel producer China jumped 48 percent in the first quarter from a year ago to a level that would generate annual revenue of about $3 billion at current prices.

Click here for the full Reuters story

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