India Iron Ore exports likely to decline to 50 Mmt in 2012-13: FIMI
MUMBAI (Scrap Monster): India's iron ore exports are likely to decline to 50 million metric tons (Mmt) in 2012-13, said Federation of Indian Mineral Industries (FIMI).
According to FIMI, exports are likely to be hit by high export duty, railway freight charges and mining ban in Karnataka.
India exported 117.3 Metric Tonnes (MT) of iron ore during the 2009-2010 fiscal. This has fallen by 48% to 60 MT during the 2010-2011 fiscal. And as per FIMI Secretary General RK Sharma, India's iron ore exports will likely fall even more.
"While Karnataka ban has taken its toll, hike in duty and railway freight have further affected the exports adversely. The trend will continue and exports may not cross 50 MT mark for 2012-13," Economic Times quotes Sharma, who adds that "We have met the officials in mines, steel, commerce, finance and railways to ensure remedial measures else it will be hard for the iron ore industry to recover.”
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