Thursday 24 April 2014
News updated at 6:07 PM IST
Weather
Max: 34.6°C
Min : 22.8°C
In Bangalore
Generally cloudy

Iron ore imports sink 78% in Q1

New Delhi, jul 16, 2013, Reuters:
Reuters Image

 India's iron ore imports plunged 78 per cent in the April to June quarter from a year earlier, according to provisional data from government sources, as domestic supply rose and exports fell.

The shipment data, coupled with a 9.1 per cent drop in iron ore imports by top buyer China in June, is expected to drag on global prices of the steel-making raw material that have already shed more than 12 percent so far this year.

India has historically produced enough iron ore to meet its domestic demand, but imports by Asia's third-largest economy tripled to 3 million tonnes in the year ended March 31 after output from top producing states Karnataka and Odisha fell due to a court-mandated clampdown on illegal mining.


Production has since picked up following steps such as mining outside allotted areas. A 30 per cent duty on exports made more iron ore available.

India imported 185,113 tonnes of iron ore in the quarter ended June 30, according to figures from the agency that tracks the data, down from 826,372 tonnes a year ago.
Final data is expected by end-August, said the official at the DGCIS.

India was third-largest exporter of iron ore globally, shipping about 98 million tonnes, or 47 per cent of total production, in fiscal 2011.

The country's output of iron ore is estimated to have fallen to about 140 million tonnes in the year ended March 31, from 207 million in 2011, after a ban on mining in Karnataka and Goa. Output was 167.3 million tonnes for fiscal 2012.

Go to Top

Photo Gallery
A worker spreads paddy crop for drying at a rice processing unit in Bavla...

A worker spreads paddy crop for drying at a rice processing unit in Bavla...

A helicopter flies past as Bangladesh's naval frigate BNS Abu Bakar participates in multi-country...

A helicopter flies past as Bangladesh's naval frigate BNS Abu Bakar participates in multi-country...

Sachin Tendulkar poses for a photograph with his wife Anjali during his 41st bithday celebrations...

Sachin Tendulkar poses for a photograph with his wife Anjali during his 41st bithday celebrations...

Prime Minister Manmohan Singh showing the ink mark on his finger after casting vote for Lok Sabha...

Prime Minister Manmohan Singh showing the ink mark on his finger after casting vote for Lok Sabha...

Residents trying to salvage their belongings after a massive fire gutted their houses in Patna...

Residents trying to salvage their belongings after a massive fire gutted their houses in Patna...

A honeybee ‘caught’ by a ‘len’s eye’ while feeding on nectar...

A honeybee ‘caught’ by a ‘len’s eye’ while feeding on nectar...

Labourers thrash cornflower stalks in a field during morning hours near Vrindavan...

Labourers thrash cornflower stalks in a field during morning hours near Vrindavan...

Chief Minister of Manipur O Ibobi Singh offers floral tribute at Khomjam War Memorial Complex...

Chief Minister of Manipur O Ibobi Singh offers floral tribute at Khomjam War Memorial Complex...

In this Sunday, March 2, 2014 file photo, Olivia Wilde, and Jason Sudeikis arrive at the ...

In this Sunday, March 2, 2014 file photo, Olivia Wilde, and Jason Sudeikis arrive at the ...

Britain's Prince William and his wife Catherine, Duchess of Cambridge, attend a reception ...

Britain's Prince William and his wife Catherine, Duchess of Cambridge, attend a reception ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523