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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, 30 August 10
DRY BULK MARKET STABILIZES, ALBEIT AT A FALLING NOTE
The dry bulk market’s leading benchmark, the Baltic Dry Index (BDI) ended the week at 2712 points, a marginal weekly loss of 1.6% or 44 points ...
Saturday, 28 August 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS FIRM FOR CAPE AND PANAMAX VESSELS - VISTAAR
COALspot.com: The freight market appeared to be heading for correction with the indices coming off during later part of the week. The BDI closed 44 ...
Saturday, 28 August 10
KRISHNAPATNAM PORT SETS AN ALL INDIA COAL DISCHARGE RECORD
COALspot.com: Krishnapatnam Port has established all new record for coal discharged in India using the conventional system of coal unloading for por ...
Friday, 27 August 10
PAKISTAN WILL IMPORT 8 TO 10 PERCENT MORE COAL IN 2011
COALspot.com: Pakistan to import 4 million ton of coal in 2011 up by 8-10 percent compare to this year’s imports. "Pakistan's tota ...
Thursday, 26 August 10
CHARTERERS SWITCHING FROM PANAMAX TO CAPE STEMS DUE TO CAPE FALL
Handy
The activity picked up in the Atlantic with more enquiries seen for short period tonnage for end August/beg September - As the grain season ...
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- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
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