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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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- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Planning Commission, India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
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