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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (35968)	4/23/2009 3:02:59 PM
From: LoneClone	Read Replies (1) of 194001

Indian iron ore exports in in April down by over 50% Thursday, 23 Apr 2009 steelguru.com India's iron ore exports have come down by over 50% in April against the year ago period and the trend of decline is likely to continue for another 4 to 5 months due to host of reasons. The report quoted Mr Sanjiv Batra chairman of MMTC as saying that "The exports of iron ore have declined substantially by about 50% during April as compared to the same month last year adding that the trend is likely to continue for another 4-5 months due to declining prices, lower demand and effective global competition. He said that "The international prices have come down as the demand for iron ore has come down by 25% to 30% this has resulted in lowering of the production capacity.” India's total iron ore exports stood at 100 million tonnes, of which MMTC exported seven million tonnes in fiscal 2008-09 and 8.5 million tonnes during 2007-08. Meanwhile, the declining prices had positive effect on coal imports, as there is a a growing demand for the commodity in thermal power generation. Mr Batra said that the total imports of the country is about 50 million tonnes, of which MMTC has already purchased 5.5 million tonnes which is expected to go up to 15 million tonnes in fiscal 2009-10.

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