In the Group of Ministries meeting to consider National Mineral Policy 2008, there was an agreement that iron ore resources of the country should be conserved for the use of the domestic steel industry.
In accordance with this and as an additional mobilization of revenue measure, an advalorem export duty of 15% was imposed on all varieties of iron ore, irrespective of Fe content with effect from June 13th 2008.
Subsequently, considering reduction in export of iron ore, the export duty on iron ore fines has been withdrawn whereas on other types of iron ore, advalorem duty was reduced to 5% with effect from December 7th 2008.
Source : Steelguru