Additional 5% duty on iron ore to reduce steel prices

The steel ministry has recommended an additional 5% duty on iron ore exports in a bid to reduce domestic prices of steel.We have suggested that export duties on iron ore be raised by another 5% over the present level of 15%,steel minister Ram Vilas Paswan said on the sidelines of a function at MSTC Ltd on Tuesday.
The ministry is planning either banning the export of high-grade iron ore or raising export duty on it.
Even in the international markets steel prices has been reduced drastically so our domestic players should think of it. we have enough iron ore in our country for our captive use
Paswan said his ministry has made a recommendation to the finance ministry, which is currently studying the proposal. On steel prices, Paswan said steel companies have no justification to increase prices if they have a profit margin of 15%.