News

Brazil will propose to raise export duties on iron ore, may more push prices

Bloomberg
reported that Brazilian mining ministry official said the Brazilian government
plans to raise iron ore export duty also cut import tariffs on fertilizers to
reduce the country’s economic development depends on the export of mineral
resources to promote agricultural development. The official said the
iron ore export tariffs from the current 2% to 4%, up by as much as doubled.

Brazilian Ministry of Mines and Geology Mining
Secretary Claudio Scliar to accept an interview with Bloomberg, said: The tariff adjustments primarily for mineral exports,
iron ore export tariffs will be increased, while potassium ore export tariffs
will be lowered.” “The tariff
adjustments primarily for mineral exports, iron ore export tariffs will be
increased, while potassium ore export tariffs will be lowered.” He said: “Brazil is still a net importer of
potash, potash export tariff reduction is mainly to promote the domestic potash
production.”

 Claudio Scliar said, put on iron ore export duty may
reduce iron ore in Brazil’s competitiveness in the international market. Brazil is one of the leading producer and exporter of
iron ore, the country’s largest iron ore producer CVRD (Vale) declined to
comment on the news.

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