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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (39687)	7/9/2009 5:22:51 PM
From: LoneClone	Read Replies (1) of 193667

India May iron ore exports increase on higher China demand Thursday, 09 Jul 2009 steelguru.com Bloomberg reported that India’s iron ore exports rose in May after falling for 2 months as China, the world’s largest consumer of the steel making raw material, increased purchases. Company statement said overseas shipments climbed to 10.6 million metric tonne from 8.99 million tonne a year earlier, the Federation of Indian Mineral Industries, a group of iron ore mining companies. Sales in April fell 20.6%. According to Metal Bulletin an information provider of the steel and metals industry, prices of ore for immediate delivery rose to a 4 month high of USD 82.50 tonne in the week ended July 3rd on increased Chinese demand. China is spending CNY 4 trillion on infrastructure and other projects to support the economy. China’s demand for iron ore has boosted the Baltic Dry Index, a measure of shipping costs for commodities, as much as fivefold this year and led to record queues of ships waiting to discharge consignments of the raw material.

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