With over 25% decline in iron ore exports during the April to October period, Federation of Indian Mineral Industries further lowered the exports target to 60 million tonnes for the current fiscal.

Mr RK Sharma secretary general of FIMI told PTI that "Iron ore exports from the country fell 25.15% in the first seven months of the current fiscal to 35.38 million tonnes. At this rate, our exports would not be more than 60 million tonnes this fiscal.”

Mr Sharma said mining ban in Karnataka, closure of 45 mines in Goa due to environmental reasons and rise in export duty and freight charges have made iron ore exports an unviable proposition, triggering FIMI to lower its estimates.

India had docked a little over 97 million tonnes iron ore last fiscal and following the ban on mining in Karnataka, the miners' body had estimated that exports would be around 70 to 75 million tonnes in the current fiscal. During the April to September period of the last fiscal, iron ore exports from India were 47.27 million tonnes.

The fall was the sharpest in August when exports of iron ore plunged by 44.4% over the same month last fiscal. It was the lowest in the month of September at 14.1% to 2.87 million tonnes.

(Sourced from PTI)