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India boosts iron exports to China
Monday, 15 December 2003, 20:30 IST
NEW DELHI: India is witnessing a major increase in iron exports to China, with off-take rising 26.42 percent from 12.64 million tonnes during April-October 2002 to 15.98 million tonnes in the same period this year.
"China has of late become a major importer of Indian iron ores. (Export) to China has gone up from 7.45 million tonnes in 1998-99 to 26.27 million tonnes in 2002-03," Minister of State for Commerce and Industry S.B. Mookherjee said Friday in the Lok Sabha, the lower house of parliament.
"In fact, the growth in Indian iron ore export during the last five years has been possible due to increased exports to China," he said in a written reply.
India is the world's fourth largest exporter of iron ore after Brazil, Australia and Russia. It is hopeful of a further increase in Chinese demand for iron ore in coming years.
In the current fiscal year, however, the designated state trading enterprise MMTC Ltd has not received any request so far for increase in export. The previous level of 26-27 million tonnes of iron ore being exported to China is likely to continue this year.
India's production is around 85 million tonnes, of which over 37 million tonnes is exported.
Besides China, traditional importers of Indian iron ore like Japan and South Korea would "maintain their off-take at the current level of 15-16 million tonnes and 2-3 million tonnes respectively, as the supply is guided by long-term contracts", Mookherjee said.
Source: IANS
Source: IANS