India's iron ore exports may drop
Although Indian exports to China in November rose to 8.74 million tons as compared with 4.13 million tons in October after the Indian central government took some advantageous measures. But according to industrialists, this boom is possibly to fade soon.Demand of many Chinese companies has fairly risen up but it’s a temporary phase, only to correct their company accounts. Hence, the situation will get very bad after January 2009.
The country is facing its worst slump ever since the mining industry was deployed in Goa under the Portuguese regime. The Far East countries accounts for approximately 9 million tons of the country’s exports.
Not only have nearly 40 steel units in China decreased but also many other units prefer to purchase high-grade ore instead of Goa’s low-grade variety as energy costs cut.
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