India's iron ore exports fall 43.5% during April-October

India's iron ore exports declined 43.5 per cent in the first seven months of the current fiscal. Between April and October 2013, iron ore exports touched 8.43 million tonnes as against 14.91 million tonnes in the same period last year.

Overall this fiscal, iron ore exports are likely to be in the range of 14 million tonnes, a drop of close to 25 per cent over the previous fiscal. In 2012-13, India exported 18.66 million tonnes.

Suspension of exports from Goa and Karnataka has largely contributed to the steep decline in export of iron ore this year. While, the Supreme Court has allowed resumption of mining in Karnataka, it still has put a bar on exports. The Apex Court has also banned mining and export of iron ore from Goa since October 2012, which is the major contributor to national exports, industry analysts said.

"Goa and Karnataka are totally absent from export market this year. There is no possibility that Goa will resume exports anytime this year. We expect another 4-5 million tonnes of exports happening in the remaining months of the current fiscal. This means the total exports from India is unlikely to reach the last year's levels," Prakash Duvvuri, senior analyst from OreTeam Research said.

When compared to production of iron ore during April to October period, which stood at 80.4 million tonnes, India's exports accounted for 10.5 per cent of the total production, he said.

"Going by the current rends, we can expect the current year to end with an overall production of 130-135 million tonnes and total exports of 14 million tonnes. Because, Goa is still out of business and Karnataka mines reopening is very slow. The only saving grace is Odisha, which will contribute a lion's share in the total output this year," Duvvuri said.