Indian miners, traders ship out iron ore fines to enjoy soaring global pricePublished by MAC on 2006-03-26
Indian miners, traders ship out iron ore fines to enjoy soaring global price
26th March 2006
Circumventing the restraint on iron ore exports, Indian miners and traders have sought to cash in on the ore's soaring global price by shipping out iron ore fines. Reports from various ports reveal that the traffic of fines has been steadily climbing and has not been deflated by any of the controversy crowding iron ore exports. The Haldia Port for one, given its proximity to the big mines of Jharkhand and Orissa as well as in its strategic positioning with regard to China - the prime destination of the fines, has certainly gained from this boom time. It expects to close the current financial year with cargo handling volume of 7.8 million tonnes of iron ore fines, more than last year's 5.4 million tonnes.
The 44 per cent spurt in its iron ore fines handling has significantly contributed to pepping the port's traffic, which is estimated to close the year at 41.5 million tonnes (36 million tonnes)."On an average, we shipped about 6.5-7 lakh tonnes of iron ore fines every month," sources at the Haldia Port informed. Haldia, today contributes over nine per cent of the country's iron ore exports, where all its consignments are in the form of fines, officials revealed. What is more interesting is all of Haldia's exports are travelling to one destination - China.