Indian Federation of Indian Mineral Industries (FIMI) has asked the government to cancel the 30% export duty on iron ore with an iron content of 58% or more. FIMI said that the increased export duty has caused the export volume in 2020-21 to decrease by nearly 50% to 57.22 million tons compared to the volume in 2009-10.

The export duty on ore with an iron content above 58% has continued rising from 0% in 2009 to 30% in December 2011. High export duties have led to an accumulation of mined ore, mainly in Jharkhand and Odisha.

FIMI said that the cancelation of export duties on iron ore with 58% or more iron content could greatly decrease the accumulated iron ore inventories, which will not only raise iron ore production but also increase foreign exchange earnings.