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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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Monday, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- The University of Queensland
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Minerals Council of Australia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
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