Source :Commodity Online
9 September, 2012
According to analysts, China slowdown, higher export duty of 30% on Indian iron ore which makes it less competitive compared to its Austrlian, or Brazil ore have contributed to huge fall in exports. The curbs on illegal mining have also impacted export volumes, they said.
NEW DELHI (Commodity Online): India’s iron ore exports have fallen sharply in 2011-12 and first quarter of 2012-13 on fall in prices and higher export duty structure in force.
In 2011-12, India’s iron ore exports have fallen by 42% to 573.52 lakh metric tones as against 996.53 lakh in the previous year. In the first quarter of 2012-13, iron ore exports have fallen to 121.lakh mt, according to information provided by Dinsha Patel, Minister of Mines, to Parliament.
According to analysts, China slowdown, higher export duty of 30% on Indian iron ore which makes it less competitive compared to its Austrlian, or Brazil ore have contributed to huge fall in exports. The curbs on illegal mining have also impacted export volumes, they said.
India is the third largest supplier of iron ore to global markets.On Monday, India's Supreme Court allowed 18 mines in the southern state of Karnataka to resume production, that could free about 5 million tonnes of output mainly for steel makers along with 1 million tonnes a month from NMDC, the country's biggest iron ore miner.
Shri Justice M. B. Shah Commission of Inquiry in its First Interim Report has stated that bulk imports of iron ore by China to fulfill its requirements, has led to price rise of ore, which is the primary cause for illegal mining. For this reason, the Commission has recommended a total ban on export of iron ore and manganese ore. The First Interim Report of Commission alongwith Memorandum of Action Taken was tabled in the Parliament.
Minister of Mines informed Parliament that there is no proposal by the government to ban exports.
9 September, 2012
According to analysts, China slowdown, higher export duty of 30% on Indian iron ore which makes it less competitive compared to its Austrlian, or Brazil ore have contributed to huge fall in exports. The curbs on illegal mining have also impacted export volumes, they said.
NEW DELHI (Commodity Online): India’s iron ore exports have fallen sharply in 2011-12 and first quarter of 2012-13 on fall in prices and higher export duty structure in force.
In 2011-12, India’s iron ore exports have fallen by 42% to 573.52 lakh metric tones as against 996.53 lakh in the previous year. In the first quarter of 2012-13, iron ore exports have fallen to 121.lakh mt, according to information provided by Dinsha Patel, Minister of Mines, to Parliament.
According to analysts, China slowdown, higher export duty of 30% on Indian iron ore which makes it less competitive compared to its Austrlian, or Brazil ore have contributed to huge fall in exports. The curbs on illegal mining have also impacted export volumes, they said.
India is the third largest supplier of iron ore to global markets.On Monday, India's Supreme Court allowed 18 mines in the southern state of Karnataka to resume production, that could free about 5 million tonnes of output mainly for steel makers along with 1 million tonnes a month from NMDC, the country's biggest iron ore miner.
Shri Justice M. B. Shah Commission of Inquiry in its First Interim Report has stated that bulk imports of iron ore by China to fulfill its requirements, has led to price rise of ore, which is the primary cause for illegal mining. For this reason, the Commission has recommended a total ban on export of iron ore and manganese ore. The First Interim Report of Commission alongwith Memorandum of Action Taken was tabled in the Parliament.
Minister of Mines informed Parliament that there is no proposal by the government to ban exports.
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