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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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Thursday, 08 July 10
DRY BULK MARKET STILL PLUNGING, NOW STANDING AT 14 MONTH LOWS
The dry bulk shipping market’s demise isn’t over yet, as the industry’s main benchmark, the Baltic Dry Index (BDI) has been on a f ...
Wednesday, 07 July 10
MACQUARIE SEES CHINA COMMODITIES PRICE FALLS AND CUTBACKS AHEAD - MINEWEB
MineWeb reported that, The research arm of Australia's Macquarie Bank - one of the most reliable of China watchers - in its latest briefing on Chin ...
Wednesday, 07 July 10
COAL PRICES ON THE RISE
Caixin online reported that, China's domestic coal prices have seen a 26.2 percent year-on-year rise in May. Meanwhile, the volume of coal im ...
Tuesday, 06 July 10
INCREASE IN DRY BULK SPOT FIXTURES UNABLE TO BOOST RATES, LOSING STREAK CONTINUES
Yet another week began on a negative note for the dry bulk shipping market, with the Baltic Dry Index posting its 28th straight losing daily session ...
Tuesday, 06 July 10
KEPCO, POSCO BUY AUSTRALIAN COAL MINES - CHOSUN
Chosun reported that, Electricity monopoly KEPCO and steelmaker POSCO have both bought coal mines in Australia.
KEPCO signed a 400 million Austra ...
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- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
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