Wednesday, March 30,
According to FIMI (Federation of Indian Mineral Industries), India’s iron ore exports in February have declined by 18.5% to reach 10.14 million MT from 12.45 million MT a year earlier due to lower supplies and weak demand.*
Supplies were tight in the local market after Karnataka banned iron ore exports in late July and restricted movement of the ore via road to check illegal mining in the state.
Barring Goa, Vizag and Paradip ports, which showed a slight increase from a year earlier, the rest of the 12 ports in the country either saw a sharp fall or didn’t export any ore during the month.
India’s exports in the current financial year are expected to fall 23% to around 90 million tons, according to R.K. Sharma, secretary general of the trade body.
In the next financial year starting Apr. 1, exports may decline below the 90 million MT estimated for the current year due to a hike in the export tax.
The Steel ministry has been lobbying for more export curbs on the raw material as the country aims to raise Steel production capacity to 120 million tons by December 2012 from around 78 million tons.
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