Mineral auctions hit by market slump – Export tax hikes – The New Indian Express | Catch My Job

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Bhubaneswar: Depressed market coupled with rising iron ore export duties Affecting the auction of four iron ore in Odisha The state government issued a bidder invitation (NIT) in March this year.

The Mining Department has floated NIT for the mining lease (ML) of two iron ore blocks and a bulk iron ore and manganese composite block in Sundargarh district on 29 March, setting May 18 as the opening date. Technical auction . The committee issued another announcement on June 8 to postpone the bidding process without giving any reason.

While the Minister of Steel and Mines and the Department’s secretary did not respond to the claims. Sources said the 40 percent tax cut and higher iron ore export tariffs forced the government to postpone the auction for fear of retaliation by bidders. low premium

to control prices and increase the availability of local iron ore and a few iron intermediates The Ministry of Finance on May 21 increased the iron ore export tax and focus from 30 percent to 50 percent. On the case of duty-free iron ore exports, the ministry pays a 45 percent tax.

The ‘virtual ban’ on iron ore exports directly affects the domestic market with a sharp drop in ore prices. Prices for various grades of ore have dropped 40 to 50 percent “High quality iron ore (grade 62 Fe and above), which sold for more than Rs 8,000 per tonne in June last year. It dropped to around Rs.5000 per ton, the price of high quality fines dropped from Rs.7400 per ton to Rs.3,400 only. The price of low grade iron ore has risen to Rs 900 per tonne, compared to Rs 1,800 per tonne last year,” said Prabodh Mohanty, secretary-general of the Eastern Mining Association.

Higher duty assignments led to a decline in mineral production across the country, with Odisha being a major producer. with a total production capacity of 155 lakh tons from April to August The country saw negative growth of 19.3%. “We at EZMA have represented the Center through the Federation of Mining Industries (FIMI) to abolish export duties. The Ministry of Mines recently held a meeting with representatives of FIMI and the steel industry. and is confident that it will take action with the Ministry of Finance,” Mohanty said.

by stating that October – March is The ‘golden moment’ for mining activity, Mohanty said, that industries are awaiting a decision on the matter by the Ministry of Finance as soon as possible.

</p> <p>Bhubaneswar: Depressed market coupled with rising iron ore export duties Affecting the auction of four iron ore in Odisha The state government issued a bidder invitation (NIT) in March this year. The Mining Department has floated NIT for the mining lease (ML) of two iron ore blocks and a bulk iron ore and manganese composite block in Sundargarh district on 29 March, setting May 18 as the opening date. Technical auction . The committee issued another announcement on June 8 to postpone the bidding process without giving any reason. While the Minister of Steel and Mines and the Department’s secretary did not respond to the claims. Sources said the 40 percent tax cut and higher iron ore export tariffs forced the government to postpone the auction for fear of retaliation by bidders. low premium to control prices and increase the availability of local iron ore and a few iron intermediates The Ministry of Finance on May 21 increased the iron ore export tax and focused from 30 percent to 50 percent on the duty-free iron ore export case. Iron ore directly affects the domestic market with a sharp drop in mineral prices. Prices for various grades of ore have dropped 40 to 50 percent “High quality iron ore (grade 62 Fe and above), which sold for more than Rs 8,000 per tonne in June last year. It dropped to around Rs.5000 per ton, the price of high quality fines dropped from Rs.7400 per ton to Rs.3,400 only. The price of low grade iron ore has risen to Rs 900 per tonne, compared to Rs 1,800 per tonne last year,” said Prabodh Mohanty, secretary-general of the Eastern Mining Association. Higher duty assignments led to a decline in mineral production across the country, with Odisha being a major producer. with a total production capacity of 155 lakh tons from April to August The country saw negative growth of 19.3%. “We at EZMA have represented the Center through the Federation of Mining Industries (FIMI) to abolish export duties. The Ministry of Mines recently held a meeting with representatives of FIMI and the steel industry. and is confident that it will take action with the Ministry of Finance,” Mohanty said, stating that October-March is The ‘golden moment’ for mining activity, Mohanty said, the industries were awaiting a decision on the matter by the Ministry of Finance as soon as possible.<br />