IO spot prices getting ready for the next leg UP. It will surely...

IO spot prices getting ready for the next leg UP.
It will surely break US$200/ton as the Indian Gov't announced yesterday another 5% increase in tax on IO lumps.

Govt hikes export duty on iron ore lumps by 5%

Press Trust of India, April 29, 2010 (New Delhi)

The government on Thursday hiked export duty on iron ore lumps by 5 per cent to 15 per cent to discourage its shipments and cool down the prevailing prices of the vital input for making steel.

The export duty on iron ore fines would remain unchanged at five per cent, Revenue Secretary Sunil Mitra told reporters here.

"Export duty on iron ore lumps has been increased to 15 per cent from 10 per cent," Mitra said.



Read more at: http://beta.profit.ndtv.com/news/show/govt-hikes-export-duty-on-iron-ore-lumps-by-5-37079