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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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Friday, 23 July 10
THE PANAMAX MARKET HAS CONTINUED ITS SLOW CLIMB - FEARNLEYS
Handy
Continued flat Atlantic markets and over-supply of tonnage across all segments on spot basis. Nevertheless there is more fresh enquiry on Co ...
Friday, 23 July 10
KPMG INDIA FACES COAL DEFICIT OF 50% OF EXPECTED POWER PLANT DEMAND, SAYS - BLOOMBERG
Bloomberg reported that, India may face a coal shortfall of 189 million metric tons a year by 2015, about 50 percent of the power sector’s exp ...
Thursday, 22 July 10
BERAUS IPO NEXT MONTH CAN BECOME THE LARGEST THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s fifth largest coal miner PT Berau Coal Energy Tbk will launch its initial public offering (IPO) ne ...
Thursday, 22 July 10
DRY BULK MARKET EDGES HIGHER, BUT RECOVERY IS SLOW
The dry bulk market’s recovery, which started last Friday has sustained its momentum thus far, but the pace of it seems to be an agonizing one ...
Wednesday, 21 July 10
CHARTER RATES FOR BIG SHIPS GO INTO FREEFALL
It is reported that concerns over the slowdown in the mainland construction sector posturing over ore price negotiations and a general summer slowdo ...
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- Goldman Sachs - Singapore
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- AsiaOL BioFuels Corp., Philippines
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- Orica Mining Services - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
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- Kohat Cement Company Ltd. - Pakistan
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- Parliament of New Zealand
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- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
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- Wilmar Investment Holdings
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- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
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- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Chamber of Mines of South Africa
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- Independent Power Producers Association of India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
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- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
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- Australian Coal Association
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- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Pipit Mutiara Jaya. PT, Indonesia
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- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
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- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
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- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
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- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
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- The University of Queensland
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- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
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- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
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