China iron ore futures jump nearly 7% after India hikes export duties
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Update time : 2022-05-23 21:25:17
Benchmark iron ore futures in China surged some 7% on Monday, tracking their biggest daily jump in two-and-a-half months, after India increased export duties on some commodities to rein in broadening inflationary pressures.
Asia's third-largest economy raised export duties for iron ore and steel intermediates, with new iron ores and concentrates tariffs increased to 50% from 30% and duties on pellets hiked to 45% from zero. The government also removed import tariffs for coking coal and coke.
India is one of the major non-mainstream iron ore suppliers for China, accounting for nearly 3% of China's total imports in 2021.
However, China's purchase from the country fell sharply in the first four months of this year due to increasing demand in India and falling iron ore prices.
