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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, 07 June 10
SOUTH AFRICA COAL STAYS NEAR 18-MONTH HIGH ON EUROPEAN DEMAND - BLOOMBERG
Bloomberg Reported that, Prices for coal shipped from South Africa’s Richards Bay, the continent’s biggest export facility for the fuel, ...
Sunday, 06 June 10
THE DOWNWARD TREND FOR S6 AND S7 ROUTE IS LIKELY TO CONTINUE NEXT WEEK - VISTAAR
COALspot.com: "This seemed market heading for corrections with all sectors down", said, Capt. Reddy, MD of Vistaar Shipping Singapore, an ...
Sunday, 06 June 10
STEAM COAL MAY BECOME NEXT BOOMING COMMODITY IN AUSTRALIA - DB
Deutsche Bank predicts that thermal coal could become Australia's next booming commodity. The German investment bank's global thermal coal team ex ...
Friday, 04 June 10
INDO/INDIA AROUND THE MID 20'S LEVEL AND MID TO HIGH 20'S INDIA/CHINA
Handy
After a quiet end to last week, the Atlantic handysize market continued&nb ...
Thursday, 03 June 10
INDO GOVERNMENT TRIES TO CALM BUSINESSES FEARS OVER FOREST - CLEARING MORATORIUM
The Jakarta Globe reported that, as producers of coal and palm oil continued to howl, the government on Tuesday offered reassurances that the develo ...
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- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- White Energy Company Limited
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
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