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BUSINESS
GOVT ABOLISHES EXPORT DUTY ON IRON ORE PELLETS
January 6, 2016
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1.The government has reduced export duty on iron ore pellets to zero from 5 percent, a move that will make the commodity more competitive amid subdued demand and weakening prices.

2. Besides, a fall in demand in China, the worlds’ biggest metal consumer, is leading to the country dumping excess steel and other finished products in consuming countries, including India, a move that has hit the top line and bottom line of mining and steel companies.

3. The government can now take immediate remedial measures by removal of distance-based charges for movement of pellets as well as changing the classification for movement to class 140, which is applicable to manufactured and finished products like cement