[ferro-alloys.com] Financial Express reported that exports by the iron ore sector have come down by nearly 70% to INR 10,372 crore in the last fiscal.

Steel Minister Mr Beni Prasad Verma said in a written answer in Rajya Sabha that “India exported 18.37 million tonne of iron ore valued at INR 10,372 crore in 2012 to 13 compared to 61.74 million tonne worth INR 33,911 crore in 2011 to 12.”

India had produced 167.29 million tonne iron ore in 2011 to 12 and 135.85 million tonne in 2012 to 13. Domestic consumption during these 2 years were at 110.98 million and 124.80 million tonne respectively.

Exports were, however, much higher in 2010 to 11 at INR 41,295.86 crore from shipments of 97.66 million tonne of iron ore. The domestic production during the year was also higher at 207.16 million tonne though domestic consumption was less at 105.23 million tonne.

Interestingly, the value of steel exports went up during these 3 years from INR 17,511.40 crore in 2010 to 11 to INR 21,399.80 crore in 2011 to 12 and INR 25,874.50 crore in 2012 to 13.

The quantity of exports also inched up to 5.25 million tonne in the last fiscal compared to 4.59 million tonne in the previous year and 3.64 million tonne in 2010 to 11.

To a question, Mr Verma said that profits and turnover of steel companies depend upon a number of factors such as source of raw materials, scale of operation, cost of manpower, etc.

He said that "The production of iron ore in India is in excess of the total estimated domestic consumption by the iron and steel industry."