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Recently, Indian steel ministry applied to financial dept to escalate export tax from 20% to 30%, to secure long-term and stable domestic raw material supply.
It has approved by the Steel Minister Beni Prasad Verma and had been sent to financial dept for approval and execution. It also stressed the exacerbating Indian raw material inventory.
Import tax escalation is kind of critical for mineral industry, there are about one million people are making living with mineral export.
After that, Indian steel mineral export fell 22% to 25.2 millions tons during Apr-July.
The annual steel mineral exports predicted to fell 20%, from 98 millions tons to 75 millions tons.
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