Iron ore weakness to continue into 2025 and beyond, says Fitch Solutions’ BMI
Looking beyond 2024-2025, BMI analysts maintained their view that iron ore prices will likely follow a multi-year downtrend.
India’s mines ministry may recommend reducing or scrapping of the 30 percent export tax on medium-grade iron ore due to a persisting surplus in the country, according to two sources and a document reviewed by Reuters.
Indian mining industry has for months lobbied for a cut in the export duty as the country is saddled with a surplus of around 149 million tonnes as on March 31 and a senior government official said the inventory is still hovering around that range. (Reporting by Neha Dasgupta; Editing by Nidhi Verma)
