mineral exploration project – commodity prices – mining stock- trade and market

Iron ore prices have surged to near a 1½-year high after India, the world’s third largest exporter, slapped an export tax on the commodity used to produce steel.

The imposition of the 5 per cent export duty over Christmas, combined with strong global demand and low domestic production in China, have pushed iron ore prices up almost 30 per cent in the past month, traders and brokers said.

In 2009, China is the largest iron ore importer of the world. Import demand of iron ore to China to support the production of steel factories of China. The discovery of deposits of iron ore mines in China, India’s influence over this as a supplier of iron ore to China. Indian iron ore exports to China nearly half of the iron ore import demand of China.

After the meltdown in global commodity market, the prices of some mining material came crashing down. Indian mining companies, which export a bulk of their products, were unclear about the revenue flow for the rest of the year.

To encourage investment in exploration and exploitation of the minerals for the development of mineral based industry in the North Eastern States, a two-day Investors’ Meet and Conference on Development of Mineral Resource and Mineral Based Industry in North Eastern Region began in Guwahati toady.