—Get a complete story on Indian pellet industry at
http://www.steel-360.com/mmailer.php —– India , the third-largest global exporter of iron
ore in the world, had exported 117.3 million tons in 2009-10. The exports had
dipped by over 36 percent to 56 million tons in the April-February period last
fiscal year against the prior year. It is likely to touch 40 million this
fiscal, said FIMI.
High export duty ,freight charges and falling spot iron ore prices in Chinese market.There is nothing to cheer for Indian iron ore exporters apart from weak Rupee.
Indian government show no interest on rolling back export duty or reducing freight charges.Party is almost over for Indian exporters. They are looking at different avenues like importing Coal or setting up a pellet plant.
Also mining issues in Karnataka and stricter norms by other state governments to curb illegal mining has reduced iron ore production in India.
Sources say many exporters and traders based in Odisha and Karnataka have packed their bags and looking for some other business.
“There is nothing much left in this business, we have no other option but to look for different opportunities. Low exports and falling steel prices in domestic market has hit iron ore trade badly. More than 50% traders or exporters have shut their shop.” said an exporter based in Barbil , Odisha.
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