India’s April – Oct Iron Ore Exports Fall 25%.

Falling global prices of iron ore as well as internal country problems had hurt India's mining industry as exports of its iron ore dropped 25 per cent to 35.38 million tonnes from April to October, the Federation of Indian Mineral Industries (FIMI) said in a statement.

In October, iron ore exports from India sank to 4.55 million tonnes from 6.87 million tonnes a year ago, representing a 33 per cent slump.

"Fall in (iron ore) exports is due to a combination of factors like ban on mining in Karnataka, illegal mining issues in Goa, restriction on truck movements and truckers strike," said RK Sharma, Secretary General of FIMI.

Falling prices of the commodity in the world markets also added to the woes of the exporters, he added.

Sharma said the outlook for the remaining period of the fiscal year remain bleak for the exporters as resumption of exports from Karnataka is unlikely to happen this fiscal year. At the same time, the restrictions on movement of iron ore due to illegal mining issues placed by the governments of Goa and Orissa have put pressure on India's mining industry.

India's Supreme Court has banned mining in Karnataka due to large-scale environmental dilapidation of the surrounding areas. Karnataka provides over 20 per cent of India's total iron ore production.

India is the world's third biggest exporter of the raw material. Most of its produce goes to China, which has the world's largest steel industry.

Source : au.ibtimes.com