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China Ban on Iron ore could hit mining export in Goa
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Panjim, Goa, China Ban on Iron ore could hit mining export, Restrains forced by china on the purchase of low-grade iron ore by its traders will hit Goa’s exports significantly, industry insiders revealed. “about 70% of Goa’s iron ore is exported to China. Of this some 80% is low-grade iron ore. If China implements a ban on iron ore with less than 60% iron content, about 30 million tonnes of iron ore export will be affected.
On 8th Apr 2010, Thursday, organizations reported that the China chamber of commerce of metals, minerals and chemicals importers have been expelled its members from trade in iron ores with less than 60% iron content. The ban applied to trading firms only and not to steel mills and their licensed agents.
Sudden come to blows of the ban was felt on Friday as Indian shares for largest iron ore exporter Sesa Goa started the day and end with around 4% less value at close of trading, even down valued for this share at the Bombay stock exchange. Although mine owners in Goa stated that there is no official confirmation about the Chinese statement on this regard.
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