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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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Wednesday, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- The University of Queensland
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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