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Thursday, 05 August 10
IRON ORE EXPORT BAN COMPOUNDS PROBLEMS OF INDUSTRY - BUSINESS STANDARD
 Forex loss of Rs 300 crore (US$ 65.63 million) ; truckers, ports, Railways bear the brunt
The Karnataka government’s move to ban the export of iron ore as well as suspension of permits to transport iron ore for export from the mines, to curb illegal exports, has had a ripple effect in the state, as reported by Business Standard.
The operations of as many as 30 export-oriented units have come to a grinding halt in Karnataka as over 1 million tonnes of iron ore is lying idle at various ports causing a foreign exchange loss of around Rs 300 crore (US$ 65.63 million) in the last one week, Basant Poddar, vice chairman, Federation of Indian Mineral Industries (FIMI), told Business Standard.
In addition to this, the freight loss to the Indian Railways is in the order of Rs 80 crore (US$ 17.501 million) and Rs 40 crore (US$ 8.750 million) for truckers for moving the cargo from the mines to various ports. The loss of wharfage charges for the ports is in excess of Rs 3.5 crore (US$ 0.765 million). Apart from this, the state government itself has seen a loss of Rs 30 crore (US$ 6.563 million) by way of royalty from the mining companies ever since the ban came into effect during the past week.
With effect from July 26, the state banned export of iron ore and stopped issuing permits to transport iron ore for export from July 28 onwards. Presently, 80 mine lease holders are operating in the state and exports about 30 million tonnes of iron ore annually.
Export-oriented units like Mineral Enterprises Ltd, Sesa Goa Limited, Deccan Mining Syndicate Pvt Ltd, KMMI Group, Kuminex Minerals Pvt Ltd, Alfa Exports and Doddannavar Brothers are likely to face penalty from overseas buyers. These companies cannot even sell to the domestic buyers unless they export at least 50 per cent of their total produce in a year, Poddar said.
The companies are losing lakhs of rupees as demurrage charges for holding up ships at the ports. For each day’s delay they have to pay $20,000 as demurrage charges. For example, Sesa Goa Ltd, a leading exporter of iron ore from India, has had one ship at the New Mangalore Port since July 30 for the lack of iron ore.
“We have already seen the diversion of four ships from ports in Karnataka due to the ban on exports. Port officials are not allowing us to load the cargo because of the ban orders,” he said. Presently, 600,000 tonnes of iron ore is lying at the New Mangalore Port, 300,000 tonnes at Belekeri port and 100,000 tonnes at Karwar port.
According to officials at New Mangalore Port Trust (NMPT), the only major port in Karnataka, the iron ore cargo movement has seen considerable drop in the last four months due to intermittent ban on movement of iron ore cargo by road by the deputy commissioners of Dakshina Kannada, Udupi and Hassan districts.
Apart from the economic loss, the ban on iron ore exports is also likely to cause environmental issues. The mining companies are presently stocking over 6 million tonnes of iron ore fines at their mines. “As we cannot store fines for long, it may get into the atmosphere through air and water leading to greater damage to the environment,” Shantesh Gureddi, chairman, FIMI, Southern Region, said.
Most importantly, a huge number of persons employed directly and indirectly will be thrown out of jobs. At least 5,000 people are directly employed in mining operations and another 50,000 in ancillary works. Over 40,000 trucks are engaged on a daily basis to transport the ore.
“If the state government does not revoke its order, the industry will be forced to file a case in the court to get it revoked as the government does not have any power to impose ban,” Gureddi said.( 1 INR = 0.0218771 USD 1 USD = 45.7100 INR)
Source: Business-Standard
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Thursday, 25 November 10
INDONESIAN ROUNDS ARE ACHIEVING IN THE LOW 10S, OWNERS ARE NOT KEEN FOR TRIPS TO INDIA - FEARNBULK
HANDY
Uneventful week - Supra/Panamax stems ex USG to China/Korea/Japan are the main focus + grains ex. Argentina. The Atlantic market activity re ...
Thursday, 25 November 10
JSW ENERGY BUYS CANADIAN COAL FIRM FOR $411 MN - NDTV PROFIT
NDTV Profit reported that, Sajjan Jindal-owned JSW Energy on Wednesday said it has entered into an agreement to buy out British Virgin Islands-based ...
Thursday, 25 November 10
DRY BULK MARKET STILL GOING STRONG THIS WEEK, CAPESIZE SECTOR LOSING STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept its upward momentum yesterday, with the industry’s benchmark, the Baltic Dry Index (BDI) gaining a further 0.64% to e ...
Wednesday, 24 November 10
COAL PRODUCTION PREDICTED TO CLIMB IN SUNNIER 2011 - THE JAKARTA GLOBE
The Jakarta Globe reported that, Indonesia’s coal producers are expected to increase output by 13 percent in 2011, thanks to predicted better ...
Monday, 22 November 10
RUSSIA'S KTK HAS PRODUCED 4.59 MLN TONNES OF COAL IN FIRST 9 MONTHS OR AN INCREASE OF 5% YEAR-ON-YEAR
COALspot.com (Press Release) - KTK has produced 4.59 mln tonnes of coal in first nine months or an increase of 5% year-on-year.
Kuzbasskaya Topli ...
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- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Planning Commission, India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- PTC India Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- The University of Queensland
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
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