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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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Tuesday, 20 July 10
DRY BULK SHIPPING MARKET FINDING SOME SUPPORT, AS OWNERS TAKE CAPE SIZES OFF THE MARKET
With the Baltic Dry Index finally having reached bottom, at least according to market analysts, the dry bulk industry is looking to begin its long r ...
Monday, 19 July 10
INDONESIA EXPORTS 24.49 MILLION TONNES OF COAL IN JUNE 2010
COALspot.com: Indonesia, the world largest coal exporter, exported 141.249 million tons of coal in the first half of this year. In June 2010, Indone ...
Monday, 19 July 10
CHINA ONCE AGAIN DOMINATING SHIPPING FREIGHT RATES, WHILE OVERSUPPLY OF TONNAGE RAISES CONCERN
The ending of the week brought a cheerful note among dry bulk ship owners, as the sinking benchmark of the industry, the Baltic Dry Index (BDI) fina ...
Saturday, 17 July 10
THE DRY BULK MARKET CONTINUED THE DOWNWARD TREND - VISTAAR
COALspot.com: The indices continued the downward trend this week also with BDI at 1,720 points and cape size index at 1676 points and the charter ra ...
Saturday, 17 July 10
BULLISH OUTLOOK FOR COKING COAL - MINING MX & HELLENIC SHIPPING
Mining Mx reported that, the coking coal market has better long-term fundamentals than the iron ore market, according to a recent research rep ...
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- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
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- PTC India Limited - India
- Indonesian Coal Mining Association
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- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
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- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
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- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
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- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Australian Coal Association
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