172@29@17@137!~!172@29@0@53!~!|news|business|economy|indias-top-ports-seehuge-38-declineiron-ore-handling-1048118.html!~!news|moneycontrol|com!~!|controller|infinite_scroll_article.php!~!is_mobile=false
Moneycontrol
FREE virtual training session on Passive Income Secrets: October 24 and 25, 2020, 10am to 1pm. Register Now!
Last Updated : Jan 23, 2016 12:30 PM IST | Source: PTI

India's top ports see a huge 38% decline in iron ore handling

Miners body FIMI said the iron ore exports have taken a nosedive and actual exports done by ports are even lesser as the 8 MT ore handled by ports in April-December period also include domestic transportation of the cargo.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

Iron ore shipments handled by India's top 12 major ports witnessed a sharp decline of 38 percent to only about 8 million tonnes (MT) in April-December period of the current fiscal.

The Centre-owned ports had handled 12.67 MT of iron ore in April-December period of the last fiscal. Indian Ports Association (IPA), which maintains the cargo data handled by these 12 ports, in its recent report said that "percentage variation from previous year" in iron ore handling was as high as "37.94 percent" in the first nine months of the current fiscal.


According to the Association, the iron ore handled by these ports in the first nine months stands at 7.86 MT as against 12.67 MT in the same period of the previous fiscal.

Miners body FIMI said the iron ore exports have taken a nosedive and actual exports done by ports are even lesser as the 8 MT ore handled by ports in April-December period also include domestic transportation of the cargo.

"The actual exports are much lesser during the period and the figures are awaited. The figures by Indian Ports Association also include domestic movement of iron ore by country's top miner NMDC," Federation of Indian Mineral Industries (FIMI) General Secretary RK Sharma told PTI.

Mineral ore exporter bodies have already sought Prime Minister Narendra Modi's intervention for removal of export duty on iron ore, saying it will help in higher revenues of USD 750 million a year.

Besides, industry body GMOEA has written to the Prime Minister's Office urging it to remove the 10 percent export duty on iron ore fines with Fe content below 58 percent and the 30 percent export duty on iron ore lumps, irrespective of grade, sources said.


Apart from that, Goa Mineral Ore Exporters Association has urged the Prime Minister to consider removing duty on fines above 58 percent Fe content, which is 30 percent at present. The government had recently reduced export duty on iron ore pellets to zero from 5 percent.

In 2014, the government had levied a 5 percent export duty on iron ore pellets, which are value-added products of leftover material or low-grade iron ore and are used in steel-making.

Close

Iron ore pellet makers as well as some miners had earlier sought a reduction in the export duty on iron ore to make it more competitive.

First Published on Jan 22, 2016 07:05 pm
Sections