Falling iron ore demand slows India cargo growth

Falling iron ore demand slows India cargo growth Cargo growth at Indian ports has declined significantly in 2008, according to statistics from the government's shipping ministry.
   In the six-month period from April to November of this year, growth (in terms of tonnage) was 4 percent, compared to 13 percent in the same period in 2007. India's financial year begins April 1.
   The chief reason for the decline is a fall in demand from China for Indian iron ore, according to a report Monday in the Economic Times. The country's ports handled 56.2 million tons of iron ore in the first six months of last year, compared to 52.5 million tons in the same period this year.
   Meanwhile, India's largest container port has cut its growth expectations for the year, Live Mint reported Sunday. The Jawaharlal Nehru Port, which handles about two-thirds of India's containerized cargo, is likely to see 12 to 14 percent growth for the year, as opposed to the 23 percent forecast at the beginning of the year. The port handled 4 million TEUs in 2007.