India rail to offer discount for iron-ore export

NEW DELHI, Nov 7 (Reuters) - Indian railways have announced a discount of 10 percent to 50 percent on freight charges for iron ore exporters using long haul goods trains, a ministry statement said.

The discount on freight charges would be effective from Nov. 8 and would be valid until Dec. 31.

The railways will offer discounts on freight charges for iron ore traffic loaded in south eastern, east coast and south western regions and for distances above 350 to 400 kilometres (218-250 miles), the statement added.

For details see: htttp://indianrailways.gov.in/

The railways has seen a slump in freight earnings due to a slowdown in goods traffic, particularly of iron ore, cement and finished steel as the wider economy slows down due to the impact of the global credit crunch.

According to Federation of Indian Mineral Industries, iron ore exports from the country dipped by nearly 60 percent in October this year from the same month a year ago to 3.9 million tonnes. (Reporting by Manoj Kumar; Editing by Harish Nambiar)