TABJ - May 27 - As the global clamour for iron ore continues, Vietnam has announced that it will up its export duty from 30 per cent to 40 per cent effective July this year.

The move is being made to ensure it has enough supplies for its domestic market, and reports from The Vietnam Steel Association state that a number of native companies have already sought a government ban on processed iron ore, particularly after product import costs rose by more than 15 per cent between January and May 2011, totalling US$2.6 billon.

According to a governmental statement, “the export of iron ore in recent years has led many domestic steel manufacturing enterprises to face shortages of the raw material and forced them to import.”