Sesa Goa to Triple Ore Output on China Demand

Vedanta Ltd. | Metal - Non Ferrous | Metals & Mining | BSE: 500295 | NSE: VEDL

22 Oct 2009 Evaluate

Sesa Goa Ltd., India’s biggest iron- ore exporter, will more than triple production on the back of rebound in prices and demand from China and to diversify itself into making steel. Output will be increased to 50 million metric tons from the current 15 million tons in the next two to three years. The Goa-based company is increasing production at its existing mines and looking to acquire reserves in India and overseas. It has shortlisted few locations to set up a 1 million ton plant to produce steel slabs in the eastern state of Jharkhand.

China, the world’s biggest consumer of iron ore, may buy 20 percent more than forecast next year, according to the Canberra-based Australian Bureau of Agricultural and Resource Economics. China may import 637 million tons of ore in 2010, compared with a June prediction of 529 million tons.

Price fell to an average $50 a ton in the quarter from $95 a year ago are now improving. Iron-ore swaps for settlement this month traded at $85.25 a ton yesterday, according to SGX AsiaClear over-the-counter prices from Singapore Exchange Ltd. The company reported a 51 percent drop in second-quarter profit. Profit declined to 1.66 billion rupees ($36 million) in the three months ended Sept. 30 from 3.37 billion rupees a year earlier. Revenue fell 32 percent to 6.32 billion rupees, while volume sales rose 17 percent.

China

’s steelmakers are buying more iron ore, their main raw material, as the government implements a $586 billion stimulus spending. The economy is forecast to expand 8.2 percent this year, compared with a March estimate of 7 percent. The Baltic Dry Index, a measure of shipping costs for commodities, rose on rising shipments of iron ore to

China

. The index tracking transport costs on international trade routes gained 66 points, or 2.4 percent, to 2,832 points on Oct. 20. Charter rates for capesize ships, most commonly used to haul iron ore added 5.4 percent to $44,268 a day. crack crack

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