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MiningChina ban threatens Goa's iron ore exportsTNN, Apr 10, 2010, 04.09am IST Curbs imposed by China on the purchase of lowgrade iron ore by its traders will hit Goa’s exports substantially, industry insiders revealed. “about 70% of Goa’s iron ore is exported to China. Of this some 80% is low-grade iron ore. If China implements a ban on iron ore with less than 60% iron content, about 30 million tonnes of iron ore export will be affected. We don’t have any official communication about this. I personally hope that it’s a temporary phenomenon,” mine owner Shivanand Salgaocar said. On Thursday, agencies reported that the China Chamber of Commerce of metals, minerals and chemicals importers had banned its members from importing ores with less than 60% iron content. The ban applied to trading firms only and not to steel mills and their licensed agents. An immediate fallout of the ban was felt at the bourses on Friday as shares of India’s largest iron ore exporter Sesa Goa started the day at Rs 493 and fell to Rs 468.70 at close of trading, down 4.49%, at the Bombay stock exchange. Though mine owners in Goa maintained there is no official confirmation about the Chinese move, all those TOI spoke to admitted that the ban would have an adverse impact on the state. |
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