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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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Wednesday, 15 September 10
VIETNAM TO IMPORT UP TO 15 MLN TONS COAL/YR BY 2015 - VIETNAM BUSINESS
Vietnam Business reported that, Vietnam will need to import 3 million to 15 million tons of coal a year by 2015, rising to 21 million to 40 million ...
Tuesday, 14 September 10
MID HIGH TEENS FROM WCI, AND HIGH TEENS FROM ECI TO CHINA - BRS
A fairly flat market for the dry bulk segments this week, although the Panamaxes jumped on the back of strong grain exports in the Atlantic. It ...
Tuesday, 14 September 10
HIGH CHARTERING ACTIVITY NEEDS TO KEEP UP FOR DRY BULK RATES TO REMAIN HIGH
Last week’s increase of spot chartering activity pushed dry bulk freight rates to new highs, after a less than lackluster summer. As a result, ...
Monday, 13 September 10
GLENCORE BUYS STAKE IN MINER BUMI
The Jakarta globe reported that, Switzerland-based Glencore International, the world’s largest commodities trader, has quietly acquired a $200 ...
Monday, 13 September 10
IT'S JAI INDONESIA FOR OUR POWER FIRMS
Indian power producers have been compelled to look abroad for fuel to run upcoming facilities, as domestic generation is unlikely to be able to meet ...
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- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Australian Coal Association
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Carbofer General Trading SA - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
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