Around 2,30,000 tonnes of iron ore cargo which was lying at the New Mangalore port following a ban on the export of iron ore from Karnataka in July 2010, is to now find its way overseas.
With India's Supreme Court, giving its nod for the export of iron ore accumulated at major ports, around 27,000 tonnes of iron ore was loaded and left for export to China from the New Mangalore port.
The country, which is the world's third largest iron ore exporter, shipped 117.37 million tonnes of the vital steel making raw material in 2009-10. However, exports were down to 75.11 million tonnes between April 2010 and January 2011.
The decline was on account of the Karnataka government slapping a ban on exports last year in July, in the midst of a controversy generated over illegal mining activities in the state. Karnataka is one of the largest iron ore exporters of the country.
On February 11, the Supreme Court allowed the export of iron ore that has accumulated at major ports.
With the apex court giving its nod, another 72,000 tonnes of iron ore is likely to be exported from the New Mangalore port during this week, said officials privy to the information.
The officials pointed out that a vessel MV Qiang Sheng- I, which berthed on March 18, sailed to China with 27,000 tonnes of iron ore cargo from the Sesa Goa company.
Another vessel from China is likely to call at the port this week to carry another batch belonging to MEL, they added.
The Supreme Court had directed the state to notify by mid-March a new law to check illegal mining. Based on the court's proceedings, the complete ban could be lifted earlier and we will be able to produce and dispatch in the normal course,'' Sesa Goa's managing director P K Mukherjee said.
The New Mangalore port handled 5.20 million tonnes of iron ore during 2009-10 as against 8.12 million tonnes in 2008-09.
India has been exporting iron ore to China, Japan, South Korea, Europe and other countries. The country mainly exports iron ore fines that are not used by the domestic steel industry.
Analysts tracking the sector estimate that China has been actively engaging Indian exporters to step up the supply of iron ore in a move to reduce its dependence on BHP, Rio, Vale and Fortescue.
India sold nearly 118 million tonnes in 2009 in the world market, after fully meeting the requirements of its domestic steel industry.
Analysts said that China's iron ore imports had dived by 20.2 million tonnes in February to 48.8 million tonnes. They added that with the China Iron and Steel Association seeking fresh measures from Premier Wen Jiabao to help steelmakers tackle iron ore prices, a brighter picture had emerged for Indian exporters.
Reports indicate that overcapacity and rising costs have cut the average profit margins of Chinese steelmakers to just 3.5% in 2010. To tackle the menace, the Chinese government is also said to be actively studying the establishment of standards for imported iron ore.
However, some analysts have predicted that China's iron ore production will rise overall by 8.8% this year. Chairman of the China Chamber of Commerce of metals, minerals and chemicals importers and exporters Xu Xu has also told a delegation that China's iron ore imports are expected to rise 6%, or by 40 million tonnes, this year from 2010, on the back of higher steel output.
With India's Supreme Court, giving its nod for the export of iron ore accumulated at major ports, around 27,000 tonnes of iron ore was loaded and left for export to China from the New Mangalore port.
The country, which is the world's third largest iron ore exporter, shipped 117.37 million tonnes of the vital steel making raw material in 2009-10. However, exports were down to 75.11 million tonnes between April 2010 and January 2011.
The decline was on account of the Karnataka government slapping a ban on exports last year in July, in the midst of a controversy generated over illegal mining activities in the state. Karnataka is one of the largest iron ore exporters of the country.
On February 11, the Supreme Court allowed the export of iron ore that has accumulated at major ports.
With the apex court giving its nod, another 72,000 tonnes of iron ore is likely to be exported from the New Mangalore port during this week, said officials privy to the information.
The officials pointed out that a vessel MV Qiang Sheng- I, which berthed on March 18, sailed to China with 27,000 tonnes of iron ore cargo from the Sesa Goa company.
Another vessel from China is likely to call at the port this week to carry another batch belonging to MEL, they added.
The Supreme Court had directed the state to notify by mid-March a new law to check illegal mining. Based on the court's proceedings, the complete ban could be lifted earlier and we will be able to produce and dispatch in the normal course,'' Sesa Goa's managing director P K Mukherjee said.
The New Mangalore port handled 5.20 million tonnes of iron ore during 2009-10 as against 8.12 million tonnes in 2008-09.
India has been exporting iron ore to China, Japan, South Korea, Europe and other countries. The country mainly exports iron ore fines that are not used by the domestic steel industry.
Analysts tracking the sector estimate that China has been actively engaging Indian exporters to step up the supply of iron ore in a move to reduce its dependence on BHP, Rio, Vale and Fortescue.
India sold nearly 118 million tonnes in 2009 in the world market, after fully meeting the requirements of its domestic steel industry.
Analysts said that China's iron ore imports had dived by 20.2 million tonnes in February to 48.8 million tonnes. They added that with the China Iron and Steel Association seeking fresh measures from Premier Wen Jiabao to help steelmakers tackle iron ore prices, a brighter picture had emerged for Indian exporters.
Reports indicate that overcapacity and rising costs have cut the average profit margins of Chinese steelmakers to just 3.5% in 2010. To tackle the menace, the Chinese government is also said to be actively studying the establishment of standards for imported iron ore.
However, some analysts have predicted that China's iron ore production will rise overall by 8.8% this year. Chairman of the China Chamber of Commerce of metals, minerals and chemicals importers and exporters Xu Xu has also told a delegation that China's iron ore imports are expected to rise 6%, or by 40 million tonnes, this year from 2010, on the back of higher steel output.