Indian government rules out iron ore export duty cut

India's Finance Ministry has ruled out reducing the country's current iron ore export duty of 30 percent, according to media reports, ignoring requests from domestic iron ore producers.

In August, India’s Mines Ministry was seeking to reduce the country's iron ore export tax from the current 30 percent amid the sharp decline in iron ore exports, while the Steel Ministry was against a duty rate cut.

The Indian government had increased the iron ore export tax from 20 percent to 30 percent in late 2012 to ensure domestic availability of iron ore.