Indian iron ore exports dry upon curbs.

PTI reported that according to miners' body FIMI, India's iron ore exports more than halved to 15 million tonnes in April-November 2012 due to mining ban in some key producing states, curbs on shipments and higher duty and freight charges,

Exports in April-November period of the last fiscal stood at 40 million tonnes.

As per the data compiled by the Federation of Indian Mineral Industries, during the first eight months of the current fiscal, exports have come down to 15 million tonnes, registering a fall of more than 62% YoY

In November last year, the fall was a massive 93% at 0.3 million tonne as compared to 4.6 million tonne in the same month in 2011.

In October, 2012 also exports had witnessed a steep fall of 95% to 0.2 million tonnes as against 4.5 million tonnes in October, 2011.

FIMI Secretary General R K Sharma told PTI."Exports have dried up, imports are increasing. If there is one industry in India where the government has ensured the destruction of trade, it is iron ore.”

Mr Sharma alleged government bowing down under pressure from the Steel Ministry had raised the export duty while raising the freight duty roughly four times for exports as compared to domestic transportation of the ore.

Exports fell sharply to 61.74 million tonnes in 2011-12 from 98 million tonnes In 2010-11. In the year prior to exports stood at 117.37 million tonnes.


Source : steelguru.com