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