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Gold/Mining/Energy : Mining News of Note
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To: LoneClone who wrote (44457)10/5/2009 1:01:49 PM
From: LoneClone  Read Replies (2) of 194913
 
India’s iron ore exports climb up
2009-10-05 19:55:00

commodityonline.com

NEW DELHI (Commodity Online): After a slump in recent past, India’s iron ore exports are witnessing a surge now due to fresh demand from China.

According to media reports, the country’s iron ore exports surged by 1.7 per cent in the April to August period. China is the biggest buyer of iron ore from India as it has a geographical advantage.

Overseas sales increased to 37.08 million tonnes in the five months ended August 31 from 36.47 million tonnes a year earlier. Sales in August rose 40 per cent to 6.28 million tonnes from 4.49 million tonnes a year earlier and were little changed from 6.29 million tonnes in July.

China’s steel makers are buying more iron ore as the government has implemented a $586 billion stimulus package to revive growth.

Analysts said the numbers are good given the fact that these were the monsoon months in India and mining activities are at their lowest.

In the five-month period from April to August, ore exports have fallen twice, in April and June. In the month of April, exports were just 9.49 mt as against 11.54 mt in the same month last year, and in June, exports stood at 5.2 mt against 5.62 mt in June 2008.

Analysts say there were some concerns over exports picking up, but that the August numbers are very promising. Iron ore prices have climbed to $70 per tonne from $60 per tonne due to accelerated buying from China, which is replenishing its stock.
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