India iron ore export duty raised to 20%

India's exports of iron ore will be adversely hit by the four-fold rise in the export duty on fines announced in the budget, a senior trade official said.

"This will make the exports of iron ore uncompetitive in the global market," said R.K. Sharma, secretary general of the Federation of Federation of Indian Mineral Industries.

The world's third biggest iron ore exporter raised its export duty on iron ore fines and lumps to 20% to conserve the natural resource for domestic consumption.