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| Iron ore exports plunge 54.4% in March |
| Press Trust of India / New Delhi May 25, 2009, 16:00 IST |
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The exports of iron ore, a key ingredient in steel manufacturing, plunged by 54 per cent in March from the year-ago period due to recession in world's major economies like the US and the Europe.
The overseas sales were down to $392 million in March from $852 million in the same month last year, according to Commerce Ministry data.
During the financial year 2008-09, iron ore exports fell by 25 per cent to $4.37 billion from $5.83 billion in the same period last year.
Industry experts opined that iron ore exports dipped due to price cut by rivals to win customers in China -- the world’s largest buyer of the steel making ingredient.
The spot prices of the ore was traded at $63 per tonne, against the February high of $84 per tonne.
Meanwhile, India's mica, coal and mineral ores exports also declined by 46 per cent in March from the year-ago period, the data said.
The overseas sales were down to $162 million in March from $301 million in the same month last year.
In the financial year 2008-09, the country's mica, coal and mineral ore exports dipped by 6.5 per cent to $3.09 billion from $3.3 billion in the previous fiscal.
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