Saturday, 28 Jan 2012
Interfax reported that Russia Energy Ministry is dissatisfied with rising prices for certain coal types and ready to initiate discussion on increasing the commodity export duty.
Mr Sergei Shmatko Energy Minsiter of Russia said "The increase in coal prices by 15% to 20% and up to 40% as well as the appearance of a deficit in certain coal type is unjustifiable for us. If this continues we will be forced again to discuss raising the export duty on coal."
Mr Shmatko did not specify the brands of coal in question.
(Sourced from Interfax)
Showing posts with label export duty. Show all posts
Showing posts with label export duty. Show all posts
Saturday, January 28, 2012
Thursday, January 19, 2012
Export curbs hit ports income
Thursday, 19 Jan 2012
Curb in iron ore exports and hike in duty on outbound shipment have resulted in a number of Centre owned major ports incurring heavy losses of business.
Shipping secretary Mr K Mohandas on the sidelines of a conference told reporters that “All ports have suffered huge losses of business, including New Mangalore, Ennore, Visakhapatnam, Paradip and Mormugao.”
Mr Mohandas said ports are dependent on cargo and iron ore used to contribute significantly in ports’ business.
He also added that mining and exports policies did not come under Shipping Ministry’s purview when asked whether the ministry is taking any step in this regard.
The iron ore exports from the country last fiscal came down to 97.64 million tonne while in the first eight months of the current fiscal, exports dipped by a little over 28% to 40 million tonne vis a vis the corresponding period last fiscal.
Apart from this, upward revision in export duty to 30%, the miners said that will result in total shipments unlikely to exceed 50 million tonne in the current fiscal, which is further bound to impact the ports.
(Sourced from PTI)
Curb in iron ore exports and hike in duty on outbound shipment have resulted in a number of Centre owned major ports incurring heavy losses of business.
Shipping secretary Mr K Mohandas on the sidelines of a conference told reporters that “All ports have suffered huge losses of business, including New Mangalore, Ennore, Visakhapatnam, Paradip and Mormugao.”
Mr Mohandas said ports are dependent on cargo and iron ore used to contribute significantly in ports’ business.
He also added that mining and exports policies did not come under Shipping Ministry’s purview when asked whether the ministry is taking any step in this regard.
The iron ore exports from the country last fiscal came down to 97.64 million tonne while in the first eight months of the current fiscal, exports dipped by a little over 28% to 40 million tonne vis a vis the corresponding period last fiscal.
Apart from this, upward revision in export duty to 30%, the miners said that will result in total shipments unlikely to exceed 50 million tonne in the current fiscal, which is further bound to impact the ports.
(Sourced from PTI)
Wednesday, January 4, 2012
Indian iron ore export tax hike reactions from miners
Wednesday, 04 Jan 2012
It is reported that the country miners have said the upward revision in iron ore export duty to 30% will make India produce uncompetitive in the global market and total shipments are unlikely to exceed 50 million tonnes in the current fiscal.
Mr RK Sharma Federation of Indian Mineral Industries' Secretary General said "The government has further hiked export duty on iron ore to 30 per cent on December 30. This will make Indian iron ore totally uncompetitive in the world market."
He said that "Iron ore exports are already down by around 30 per cent during the April-November period of the current fiscal over the same period last fiscal. It will be far more challenging next year."
Mr Sharma said in the remaining period of the current fiscal, only some quantity of exports would be feasible from Goa, besides stocks lying at other ports. He said that "However taking all, it is not going to be 45 million tonnes to 50 million tonnes in the current fiscal."
Mr Glen Kalavampara secretary of the Goa Mineral Ore Exporters' Association said "We are shocked at the decision to hike export tax on iron ore as such volatility in policy does not promote India's image as a reliable supplier."
He said that "Absence of supplies from India will help Australian and Brazilian suppliers to consolidate their domination of the global market."
India, the world third largest iron ore exporter, had shipped 117.3 million tonnes of iron ore in 2009-10 and 70% to 80% of this was in the form of fines which do not have many takers among domestic steel makers. In 2010-11, iron ore exports from the country came down to 97.64 million tonnes and in the first eight months of the current fiscal, exports dipped by a little over 28% to 40 million tonnes vis-a-vis the corresponding period last fiscal.
(sourced Reuters & ET)
It is reported that the country miners have said the upward revision in iron ore export duty to 30% will make India produce uncompetitive in the global market and total shipments are unlikely to exceed 50 million tonnes in the current fiscal.
Mr RK Sharma Federation of Indian Mineral Industries' Secretary General said "The government has further hiked export duty on iron ore to 30 per cent on December 30. This will make Indian iron ore totally uncompetitive in the world market."
He said that "Iron ore exports are already down by around 30 per cent during the April-November period of the current fiscal over the same period last fiscal. It will be far more challenging next year."
Mr Sharma said in the remaining period of the current fiscal, only some quantity of exports would be feasible from Goa, besides stocks lying at other ports. He said that "However taking all, it is not going to be 45 million tonnes to 50 million tonnes in the current fiscal."
Mr Glen Kalavampara secretary of the Goa Mineral Ore Exporters' Association said "We are shocked at the decision to hike export tax on iron ore as such volatility in policy does not promote India's image as a reliable supplier."
He said that "Absence of supplies from India will help Australian and Brazilian suppliers to consolidate their domination of the global market."
India, the world third largest iron ore exporter, had shipped 117.3 million tonnes of iron ore in 2009-10 and 70% to 80% of this was in the form of fines which do not have many takers among domestic steel makers. In 2010-11, iron ore exports from the country came down to 97.64 million tonnes and in the first eight months of the current fiscal, exports dipped by a little over 28% to 40 million tonnes vis-a-vis the corresponding period last fiscal.
(sourced Reuters & ET)
Wednesday, December 28, 2011
Indonesian mineral export tax plan greeted with praise and criticism
Wed, 28 Dec 2011
The Jakarta Post reported that both praise and criticism showered the government’s plan to tax the export of minerals and base metals starting next year.Economists say such an initiative is a testament to the government’s long-term economic vision, in which local manufacturers are encouraged to add value to commodities, as well as contributing to national energy security.
For local miners, on the other hand, the upcoming export tax would be an additional burden that could affect their financial performance amid global economic uncertainties that could jeopardize future expansion plans. Mr Arif Hadianto a spokesperson for Indonesia fifth largest coal miner, PT Berau Coal Energy said coal producers already paid 13.5% of their total sales as royalties to the government, on top of the income and value-added taxes.
He said that “A new tax would automatically be a burden. The government must take into account that coal producers have an obligation to meet domestic demand.”
Separately, Resource Alam Indonesia head of investor relations Mr Erif Tirtana said small and medium-sized companies would be hurt most by the tax plan. He said that “The export tax will be a double tax, as we are already paying royalties. I just hope that the ministry will consider our grievances.”
Mr Bimo Budi Satriyo PT Antam corporate secretary said that the export tax would reduce his company profits. Bimo said that Antam which exports nickel to China, Korea and Europe had to give 5% off its sales prices per ton of high calorie nickel ore and 4% for every ton of low calorie nickel ore in royalty fees.
He said that “We still don’t know what the regulation will look like. As long as the government considers the royalty we are already paying. It will be okay.”
Mr Irwandi Arif Association of Indonesian Mining Professional chairman said that the government should calculate the amount of export tax to help companies maintain their profits. He said, the tax should be re-distributed to develop industry in the country.
He added that “The export tax should be used to provide incentives in development of coal-powered power plants for example in Mulut Tambang. It would be troublesome if the government fails to synchronize the use of the tax.”
The tax plan was first introduced last week by Industry Minister Mr Mohamad S Hidayat who said that the ministry was preparing the export tax on mineral products to encourage the development of derivatives products from minerals and base metals by local industries.
Mr Hidayat said the regulation was poised to be implemented in the first half of 2012, pending approval from the Finance Ministry. He said that “The growth of the downstream industry will create jobs, add value to our products and reduce dependence on imports. He promised that investors who invested in downstream industries would be given tax holidays.”
The planned export tax is in line with the ongoing process carried out by the Energy and Mineral Resources Ministry, which is drafting a regulation that will ban exports of raw mining products beginning in 2014. Prohibiting exports of raw mining product is a part of the government commitment to fully implement the 2009 Mineral and Coal Law, requiring miners to process coal and mineral into added-value products before exporting them.
(Sourced from www.thejakartapost.com)
The Jakarta Post reported that both praise and criticism showered the government’s plan to tax the export of minerals and base metals starting next year.Economists say such an initiative is a testament to the government’s long-term economic vision, in which local manufacturers are encouraged to add value to commodities, as well as contributing to national energy security.
For local miners, on the other hand, the upcoming export tax would be an additional burden that could affect their financial performance amid global economic uncertainties that could jeopardize future expansion plans. Mr Arif Hadianto a spokesperson for Indonesia fifth largest coal miner, PT Berau Coal Energy said coal producers already paid 13.5% of their total sales as royalties to the government, on top of the income and value-added taxes.
He said that “A new tax would automatically be a burden. The government must take into account that coal producers have an obligation to meet domestic demand.”
Separately, Resource Alam Indonesia head of investor relations Mr Erif Tirtana said small and medium-sized companies would be hurt most by the tax plan. He said that “The export tax will be a double tax, as we are already paying royalties. I just hope that the ministry will consider our grievances.”
Mr Bimo Budi Satriyo PT Antam corporate secretary said that the export tax would reduce his company profits. Bimo said that Antam which exports nickel to China, Korea and Europe had to give 5% off its sales prices per ton of high calorie nickel ore and 4% for every ton of low calorie nickel ore in royalty fees.
He said that “We still don’t know what the regulation will look like. As long as the government considers the royalty we are already paying. It will be okay.”
Mr Irwandi Arif Association of Indonesian Mining Professional chairman said that the government should calculate the amount of export tax to help companies maintain their profits. He said, the tax should be re-distributed to develop industry in the country.
He added that “The export tax should be used to provide incentives in development of coal-powered power plants for example in Mulut Tambang. It would be troublesome if the government fails to synchronize the use of the tax.”
The tax plan was first introduced last week by Industry Minister Mr Mohamad S Hidayat who said that the ministry was preparing the export tax on mineral products to encourage the development of derivatives products from minerals and base metals by local industries.
Mr Hidayat said the regulation was poised to be implemented in the first half of 2012, pending approval from the Finance Ministry. He said that “The growth of the downstream industry will create jobs, add value to our products and reduce dependence on imports. He promised that investors who invested in downstream industries would be given tax holidays.”
The planned export tax is in line with the ongoing process carried out by the Energy and Mineral Resources Ministry, which is drafting a regulation that will ban exports of raw mining products beginning in 2014. Prohibiting exports of raw mining product is a part of the government commitment to fully implement the 2009 Mineral and Coal Law, requiring miners to process coal and mineral into added-value products before exporting them.
(Sourced from www.thejakartapost.com)
Sunday, December 25, 2011
Indonesia plans export tax on coal - Report
Sunday, 25 Dec 2011
Reuters reported that an Indonesian industry minister said on that Indonesia will look to introduce export taxes for coal in 2012, as it tries to encourage more investment in its mining sector.
Mr Mohamad Hidayat told Reuters "We are preparing the concept of export tax on mineral products as a supporting policy for encouraging base metal and coal downstream industry development. The idea would soon be discussed at the finance ministry's fiscal policy agency.”
He said “Hopefully we can impose the export tax in 2012.”
Mr Sagala added "This is crucial as a milestone for a total export ban in 2014. If we wait until the total ban is imposed in 2014 then it will be late for the government in preparing the local downstream industry.”
The Indonesian energy and minerals ministry is already drafting a rule that would by 2014 require miners to carry out minimum processing on minerals before export.
Any regulation would be part of a mining and coal law introduced in 2009 that requires miners to process coal and minerals into higher value products before exporting them, as Indonesia seeks to boost revenue from the mining sector.
Indonesia has been considering an export tax on power plant fuel coal for many months, but implementation is likely to face fierce opposition from the industry. The country produces mainly low grade coal, used predominantly in India and China.
(Sourced from Reuters)
Reuters reported that an Indonesian industry minister said on that Indonesia will look to introduce export taxes for coal in 2012, as it tries to encourage more investment in its mining sector.
Mr Mohamad Hidayat told Reuters "We are preparing the concept of export tax on mineral products as a supporting policy for encouraging base metal and coal downstream industry development. The idea would soon be discussed at the finance ministry's fiscal policy agency.”
He said “Hopefully we can impose the export tax in 2012.”
Mr Sagala added "This is crucial as a milestone for a total export ban in 2014. If we wait until the total ban is imposed in 2014 then it will be late for the government in preparing the local downstream industry.”
The Indonesian energy and minerals ministry is already drafting a rule that would by 2014 require miners to carry out minimum processing on minerals before export.
Any regulation would be part of a mining and coal law introduced in 2009 that requires miners to process coal and minerals into higher value products before exporting them, as Indonesia seeks to boost revenue from the mining sector.
Indonesia has been considering an export tax on power plant fuel coal for many months, but implementation is likely to face fierce opposition from the industry. The country produces mainly low grade coal, used predominantly in India and China.
(Sourced from Reuters)
Thursday, October 20, 2011
Jharkhand ore cheaper in Karnataka than in E Auction
Thursday, 20 Oct 2011
BL reported that the high prices of iron ore routed through E auctions and issues linked to iron content in dispatches are forcing steel and sponge iron makers in Karnataka to look to Jharkhand and Orissa.
Mr Dinesh Kumar Singhi MD of Karnataka based BMM Ispat told Business Line that the base price of INR 2,010 a tonne for the 57% iron grade in the last auction was too high, considering that buyers were getting the same earlier from NMDC Ltd for about INR 1,400 a tonne, before the Supreme Court on September 2 directed the state to hold E auctions.
He said there were no takers for about 65% of the stocks lined up for the last auction conducted on October 14.
When told that NMDC officials had said the pricing was in line with those in China and Japan, he said the price of 57% grade in China was about USD 110 (INR 5,390), which factored in about INR 3,000 for transport, beside 20% export duty.
On Karnataka e-auction prices, he said in addition to the base price, buyers would have to pay 10% for royalty, 12% as forest development charges and 1% cess, totaling 23% more, which pushed the price to INR 2,472 a tonne. Transport would cost another INR 750 a tonne.
In comparison, the 63.5% grade from Jharkhand could be got at INR 4,200 a tonne, inclusive of the transport cost of INR 2,200.
(Sourced from thehindubusinessline.com)
BL reported that the high prices of iron ore routed through E auctions and issues linked to iron content in dispatches are forcing steel and sponge iron makers in Karnataka to look to Jharkhand and Orissa.
Mr Dinesh Kumar Singhi MD of Karnataka based BMM Ispat told Business Line that the base price of INR 2,010 a tonne for the 57% iron grade in the last auction was too high, considering that buyers were getting the same earlier from NMDC Ltd for about INR 1,400 a tonne, before the Supreme Court on September 2 directed the state to hold E auctions.
He said there were no takers for about 65% of the stocks lined up for the last auction conducted on October 14.
When told that NMDC officials had said the pricing was in line with those in China and Japan, he said the price of 57% grade in China was about USD 110 (INR 5,390), which factored in about INR 3,000 for transport, beside 20% export duty.
On Karnataka e-auction prices, he said in addition to the base price, buyers would have to pay 10% for royalty, 12% as forest development charges and 1% cess, totaling 23% more, which pushed the price to INR 2,472 a tonne. Transport would cost another INR 750 a tonne.
In comparison, the 63.5% grade from Jharkhand could be got at INR 4,200 a tonne, inclusive of the transport cost of INR 2,200.
(Sourced from thehindubusinessline.com)
Thursday, August 18, 2011
India may influence iron ore pricing strategy - Report
Thursday, 18 Aug 2011 | By BS
BS reported that India, a major supplier of steel making raw material iron ore to China, will have a major bearing on the Beijing strategy to loosen what is perceived to be the monopolistic pricing power of the Brazilian Vale and Anglo Australian BHP Billiton and Rio Tinto.
But, last budget raising the export duty on iron ore fines to 20% and bringing it on par with lumps and intermittent shipment dislocations from Karnataka could not be to Chinese liking. This is because China is trying to frame a 5 to 10 year strategy of reducing its uncomfortably large ore dependence on the big three mining groups.
In fact, their tight grip over the Chinese market has allowed them to usurp price setting power. Recent Indian moves discouraging exports, suspected at the prompting of local steel mills runs counter to the now evolving Chinese strategy of having a more diversified supply source than now.
As revealed so far, the strategy will be resting on two strands. First, attempts will be made to rapidly step up imports from Chinese owned offshore mines, particularly in Africa. Second, China will develop and strengthen imports sources beyond Australia and Brazil. That Vale, BHP and Rio have over 60% share of Chinese ore imports is in itself a measure of Beijing's uneasiness with the current state of affairs.
China will be counting less and less on Indian supplies of ore fines, which at one point were around 100 million tonnes a year, in its moves to break the grip of the world’s three major miners.
China should also be taking into account the ambition of iron ore, endowed Indonesia and Vietnam to emerge as steel producers of some size.
As all such things happen, China’s search for supply alternatives to Vale, BHP and Rio will automatically shrink.
Even then, China will bring into play economic diplomacy to seek full or part ownership of mines or equity investment linked to assured off take of mine production in south east Asian countries. While the country will ever remain on the lookout for iron ore resource acquisition opportunities across geographies, the focus will remain on West Africa.
MEPS consultancy has forecast an 8.5% rise in Chinese ore demand to 1.07 billion tonnes in 2011, when crude steel production will climb to 728 million tonnes. In the first half of 2011, the country’s ore imports rose 8% to 334 million tonnes, with buying cost rising a hefty 54% to USD 53.78 billion. China’s ore self reliance pursuit has not, however, dissuaded mineral majors from opening new mines. New investments find justification in forecasts that prices of ore with iron content of 62% will stay above USD 150 a tonne till at least 2015. Such prices are obviously assumed on the basis that Chinese import demand is not to be dimmed too soon.
BS reported that India, a major supplier of steel making raw material iron ore to China, will have a major bearing on the Beijing strategy to loosen what is perceived to be the monopolistic pricing power of the Brazilian Vale and Anglo Australian BHP Billiton and Rio Tinto.
But, last budget raising the export duty on iron ore fines to 20% and bringing it on par with lumps and intermittent shipment dislocations from Karnataka could not be to Chinese liking. This is because China is trying to frame a 5 to 10 year strategy of reducing its uncomfortably large ore dependence on the big three mining groups.
In fact, their tight grip over the Chinese market has allowed them to usurp price setting power. Recent Indian moves discouraging exports, suspected at the prompting of local steel mills runs counter to the now evolving Chinese strategy of having a more diversified supply source than now.
As revealed so far, the strategy will be resting on two strands. First, attempts will be made to rapidly step up imports from Chinese owned offshore mines, particularly in Africa. Second, China will develop and strengthen imports sources beyond Australia and Brazil. That Vale, BHP and Rio have over 60% share of Chinese ore imports is in itself a measure of Beijing's uneasiness with the current state of affairs.
China will be counting less and less on Indian supplies of ore fines, which at one point were around 100 million tonnes a year, in its moves to break the grip of the world’s three major miners.
China should also be taking into account the ambition of iron ore, endowed Indonesia and Vietnam to emerge as steel producers of some size.
As all such things happen, China’s search for supply alternatives to Vale, BHP and Rio will automatically shrink.
Even then, China will bring into play economic diplomacy to seek full or part ownership of mines or equity investment linked to assured off take of mine production in south east Asian countries. While the country will ever remain on the lookout for iron ore resource acquisition opportunities across geographies, the focus will remain on West Africa.
MEPS consultancy has forecast an 8.5% rise in Chinese ore demand to 1.07 billion tonnes in 2011, when crude steel production will climb to 728 million tonnes. In the first half of 2011, the country’s ore imports rose 8% to 334 million tonnes, with buying cost rising a hefty 54% to USD 53.78 billion. China’s ore self reliance pursuit has not, however, dissuaded mineral majors from opening new mines. New investments find justification in forecasts that prices of ore with iron content of 62% will stay above USD 150 a tonne till at least 2015. Such prices are obviously assumed on the basis that Chinese import demand is not to be dimmed too soon.
Wednesday, July 27, 2011
Global iron ore price to double in following years - UBS
Wednesday, 27 Jul 2011
According to Mr He Peide analyst of UBS global raw materials, the commodity price in Q3 is bearish, but is likely to back on track in Q4, especially the price of iron ore.
Mr Peide said that "The iron ore price is going to double in the following years. Two reasons could be put down upon the bearish looking for price in Q3: First, US dollar will appreciate after the completion of QE2. Second, the economy issue of European debt hasn't been settled.”
But the US economy is likely to rebound from the weak situation in Q4, plus the soaring demand from China, the global commodity price will be buoyed. He is positively looking at the prospect of iron ore. Apart from the consumption of China, many other impetus have support the iron ore price, like the dominance from the three mining giants.
Moreover, India and Iran are considering levying higher export duty. Coupled with the increasing demand from India, the global iron ore price is likely to double in the following years.
(Sourced from Umetal)
According to Mr He Peide analyst of UBS global raw materials, the commodity price in Q3 is bearish, but is likely to back on track in Q4, especially the price of iron ore.
Mr Peide said that "The iron ore price is going to double in the following years. Two reasons could be put down upon the bearish looking for price in Q3: First, US dollar will appreciate after the completion of QE2. Second, the economy issue of European debt hasn't been settled.”
But the US economy is likely to rebound from the weak situation in Q4, plus the soaring demand from China, the global commodity price will be buoyed. He is positively looking at the prospect of iron ore. Apart from the consumption of China, many other impetus have support the iron ore price, like the dominance from the three mining giants.
Moreover, India and Iran are considering levying higher export duty. Coupled with the increasing demand from India, the global iron ore price is likely to double in the following years.
(Sourced from Umetal)
Friday, February 25, 2011
India for more iron ore export curbs, duty rise seen
25 Feb, 2011, 06.34PM IST,REUTERS
NEW DELHI/MUMBAI: India's steel minister called for curbs on exports of iron ore on Friday, as the federal government heads into a budget that could raise export duty on the steel-making ingredient marginally.
"Yes, I am in favour of it. There should be more control on (iron ore) exports," Steel Minister Beni Prasad Verma said on Friday.
India's government is unlikely to approve a blanket export ban as it would prefer better regulation and incentives for increased domestic use of the steel-making resource, as demand in the world's second-fastest growing major economy rises.
In April last year, India raised the export duty on iron ore lumps to 15 per cent from 10 per cent previously. Duty on iron ore fines stood at 5 per cent.
The ministry of railways hiked the transportation cost 50 per cent to 1,500 rupees per tonne on Jan. 27, but kept it unchanged in Friday's Railway Budget. The government presents its budget for 2011/12 on Monday.
"There could be a marginal hike in export duty (of iron ore)," said Vasant Poddar , vice-president at the Federation of Indian Mineral Industries ( FIMI )), a trade body. "These curbs on iron ore exports are not warranted as nobody in the world, be it Europe, Japan, South Korea and U.S. consumes our low grade iron ore, other than China," he added.
Supplies of the steel-making ingredient from India have been limited by a ban of shipments from the southern state of Karnataka, which is currently being appealed by exporters in the Supreme Court.
Exports fell for the sixth straight month in December 2010 as the Karnataka state ban continued to bite. Exports were down 24.8 per cent year on year and fell 17.02 per cent in the April to December period.
Iron ore prices have risen around 13 per cent this year, adding to gains of more than 40 per cent in 2010. (sourced:Reuters, ET)
Tags : ban of iron ore shipment from Karnataka, raw material, steel mills
"Yes, I am in favour of it. There should be more control on (iron ore) exports," Steel Minister Beni Prasad Verma said on Friday.
India's government is unlikely to approve a blanket export ban as it would prefer better regulation and incentives for increased domestic use of the steel-making resource, as demand in the world's second-fastest growing major economy rises.
In April last year, India raised the export duty on iron ore lumps to 15 per cent from 10 per cent previously. Duty on iron ore fines stood at 5 per cent.
The ministry of railways hiked the transportation cost 50 per cent to 1,500 rupees per tonne on Jan. 27, but kept it unchanged in Friday's Railway Budget. The government presents its budget for 2011/12 on Monday.
"There could be a marginal hike in export duty (of iron ore)," said Vasant Poddar , vice-president at the Federation of Indian Mineral Industries ( FIMI )), a trade body. "These curbs on iron ore exports are not warranted as nobody in the world, be it Europe, Japan, South Korea and U.S. consumes our low grade iron ore, other than China," he added.
Supplies of the steel-making ingredient from India have been limited by a ban of shipments from the southern state of Karnataka, which is currently being appealed by exporters in the Supreme Court.
Exports fell for the sixth straight month in December 2010 as the Karnataka state ban continued to bite. Exports were down 24.8 per cent year on year and fell 17.02 per cent in the April to December period.
Iron ore prices have risen around 13 per cent this year, adding to gains of more than 40 per cent in 2010. (sourced:Reuters, ET)
Tags : ban of iron ore shipment from Karnataka, raw material, steel mills
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