Tuesday, April 26,
Sesa Goa, major exporter of iron ore from India expects sales volumes to rise 15 to 20 % in the current fiscal year, after the Supreme Court lifted a ban on iron ore shipments from Karnataka earlier this month.*
“The Supreme Court has lifted the export ban and hopefully the materials will be allowed to move out to the port soon. If it is done, we are expecting a 15-20 percent volume growth on a yearly basis,” said Sesa Goa’s Managing Director Prasun Mukherjee.
Sesa Goa reported a 21% rise in net profit for the fiscal fourth quarter that ended March. It said March quarter production also fell by 21% from a year earlier on account of the export ban, but sales volume rose marginally as it used up existing stocks.
Company’s realizations for iron ore was about USD 104/MT this qaurter and it also expects to hold the same for the rest of the year.
Commenting on this Mr. P.K. Mukherjee, M D of Sesa Goa said, “Yes, for the last couple of months we are seeing that the demand is quite strong. We don’t have any reason to believe that in the near future there is any significant change in market sentiment. While sometimes the price goes up and down within a range bound way but we feel that this sort of market will hold on.”
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