The Union Government, in its latest move, has announced to hike export duty on iron from 5 per cent to 10 per cent following better iron ore realization and rise in ore export for the year.

Sources in the Finance Ministry said that the move would help the steel industry besides adding to the revenue of the government.

In a yet another move, government has also slapped a 5 per cent export duty on iron ore fines following the recommendations by the Union Steel Ministry, which was under pressure from the ailing domestic steel sector.

However, the Finance Ministry has rejected the proposal of the Steel Ministry recommending uniform export duty on all iron ores.

It should be recalled that the government retained a 5 per cent levy on fines, but slashed the export duty on iron ore from 15 per cent to 8 per cent in June 2008.

Meanwhile, India recorded 21 per cent growth in iron ore export that stood at 53.23 million tones in April-October 2009 period as compared to 44.06 million tones in the corresponding period last year.