India increases iron ore export tax to 30%

Although last forth season iron ore import price decreased suddenly, Chinese steel enterprises will still suffer a nightmare of high iron ore price. It is said that as one of the main iron ore source countries, India has increased its iron ore export tax from 20% to 30%. As India is always regarded as a main element to restrict Australia and Brazil mining magnates, so its increasing export tax make a large crash on Chinese steel industry in the beginning of 2012.
What worth mentioning is 8 months ago, India just increased its export tax from 5% and 15% to 20%. Insiders regards that India is the third largest iron ore export countries in the world, this up regulation of export tax directly leads to higher iron ore price. India is one of China's main iron export countries, so it undoubtedly will bring disadvantage affect on Chinese steel industry.

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India increases iron ore export tax to 30%