India's iron ore exports plunge 54 per cent
26 May 2009
India's exports of iron ore 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. 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 say 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.
India's mica, coal and mineral ores exports also declined by 46 per cent in March compared to the year-ago period, the ministry data showed. 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.