Thought I might share with you some articles worth reading. I've included the links and some sections I thought were pretty interesting.
Essentially, exporting is very expensive atm, but may potentially become cheaper. It's also a good time to sell domestically, as it costs a lot for them to import iron ore. The economy looks set to take off, after a minor set back caused by the GFC. Demand it set to rise as expected and I am pretty confident India is the place to be doing business right now.
Not ramping, as I know it can look like that when someone writes a long post, but just thought I would share some of the stuff I read and what makes me feel like we are in a good position.
Good method to keep informed is to setup some alerts using Google alerts. They will email you when stories come out that relate to the content you are interested in. https://www.google.com.au/alerts
Enjoy.
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Title: As mining curbs bite, India offers market to glut-hit iron ore
"There's no option but to import to meet the shortfall. We're looking at between 10 and 15 million tonnes every fiscal year over the next three years," Basant Poddar, vice president of the Federation of Indian Mineral Industries, the only industry group for mining firms in the country, told Reuters by phone.
"It is certainly profitable to sell in the domestic market."
Title: Finance Ministry call on iron ore export duty soon
Domestic iron ore production has been on the wane and has declined to about 129 million tonnes in 2013-14 from 213.25 million tonnes six years ago.
The Commerce Ministry is in favour of cutting the export duty on iron ore. Goa Chief Minister Manohar Parrikar too has recently demanded from the Centre withdrawal of the export duty on low grade iron ore.
Title: United Nations ESCAP sees India's economy to grow at 5.5% in FY15
NEW DELHI: United Nations Economic and Social Commission for the Asia and the Pacific (UN ESCAP) expects a stronger growth momentum of 5.5 per cent for India in 2014-15 on account of economic expansion, likely uptick in exports and a stable government at the Centre.
The Indian economy had registered a growth of 4.9 per cent in fiscal year ending 2014, up from 4.5 per cent in the previous fiscal, but far below the 9.5 per cent pace three years before the global financial crisis of 2008.
He also expressed optimism that India's new government, headed by Prime Minister Narendra Modi, will be more business friendly and help encourage the kind of investment needed to ensure India's burgeoning demand for steel products is met by local iron ore miners.
"From a longer term perspective, India will need 300 million tonnes of steel demand from a current level of 70 or 80 million tonnes of steel demand," Mr Albanese said, adding that if the government cuts back on red-tape and formulates clear rules for investing, domestic iron ore producers such as Vedanta could benefit.
(20min delay)