Mines ministry proposes cutting iron ore export duty

Seeks a cut to 10% from the current level of 30% on dipping shipments amid crash in prices

India's mines ministry wrote to the finance ministry on Friday proposing cutting the export duty on high-grade iron ore to 10% from 30%, Mines Secretary Balvinder Kumar told Reuters, as shipments tank amid a crash in prices.

"Exports have fallen drastically and there are stocks of 126 million tonnes in three states," Kumar said. "Prices are so low now that exports are not viable."