Continuing its declining trend for the eighth consecutive month, India's iron ore exports in February has gone down by 18.60% to 10.13 million tonne.
The outbound shipment of the vital steel-making raw material during April-February period also declined by 17.98% to 85.43 million tonne, mainly on account of export ban imposed by Karnataka government.
According to the data compiled by industry body Federation of Indian Mineral Industries (FIMI), the country's shipment declined by 18.60% in February against the same period last year. Exports were recorded at 12.54 million tonne in February, 2010.
"The industry has been suffering due to the ban on exports imposed by Karnataka in July. Also, the raise in export duty on iron ore to 20% in the Budget has added salt to the exporters' injury and its impact will be felt in March exports ," FIMI Secretary General R K Sharma told PTI.
In the Budget, duty on fines was hiked four-fold to 20% while on lumps was upped to 20% from 15% earlier. The country had shipped 117.37 million tonne of iron ore during the last fiscal.
Also, on account of exports ban imposed by Karnataka shipments declined by 17.98% to 85.43 million tonne during April-February this fiscal.
In July last year, Karnataka government had slapped the ban in the midst of a controversy generated over illegal mining activities in the state. Karnataka is one of the largest iron ore exporter of the country.
India has been exporting iron ore to China, Japan, South Korea, Europe and other countries.
