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Indian Railways ups freight rate for iron ore exports

Indian Railways ups freight rate for iron ore exports
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First Published: Fri, Apr 30 2010. 04 09 PM IST
Updated: Fri, Apr 30 2010. 04 09 PM IST
New Delhi: State-owned Indian Railways has raised freight on iron ore meant for exports by Rs100 ($2.25) per tonne for May, a day after the government raised export tax on the commodity.
The railways have made several upward revisions in freight rates for iron ore meant for exports to boost their revenues on the back of growing exports of the commodity, making two such announcements in March alone.
A dealer working for a Chinese trading company said in the last six months, freight rates have gone up by about $20 a tonne. On Thursday, the government had raised the export tax on iron ore lumps, a grade of the ore, to 15% from 10% to improve local supplies of the raw material used in steel production.
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First Published: Fri, Apr 30 2010. 04 09 PM IST