India's Major Ports See 5% Rise in Cargo Traffic in FY24

ENA Sectors 2024-04-23 16:56:43 New Delhi, Apr 23 (KNN) India's major ports handled 819.3 million tonnes (mt) of cargo traffic in the fiscal year 2023-24, registering a year-over-year increase of around 5 per cent, driven by rising iron ore exports and increasing coking coal imports. The cargo traffic in the previous fiscal year 2022-23 stood at 784.3 mt, according to data from the Indian Ports Association. Coking coal and PCI (Pulverised Coal Injection) shipments, including met coke, increased by 10.24 per cent to 65 mt in the last fiscal year, backed by strong domestic demand and increased production. India is among the largest importers of coking coal globally, a crucial raw material for steelmaking. Iron ore shipments witnessed a significant surge of 33 per cent year-over-year, reaching 61 mt, primarily due to increased buying from China until January, resulting in outbound shipments reaching a three-year high. The petroleum segment also saw an upswing, with shipments rising by 5 per cent year-over-year to 246 mt, compared to 234 mt in the previous fiscal year. Among the major ports, Mormugao witnessed the highest increase in traffic in percentage terms, nearly 19 per cent, reaching 21 million tonnes, driven by a 117 per cent year-over-year increase in iron ore exports to 5 mt. Paradip reported the highest cargo traffic at 145.4 mt, up 8 per cent year-over-year, fueled by a 14 per cent increase in coking coal shipments and a 40 per cent rise in iron ore shipments. (KNN Bureau) 37522 https://knnindia.co.in/news/newsdetails/sectors/indias-major-ports-see-5-rise-in-cargo-traffic-in-fy24 2024-04-23 16:56:43 knnindia.co.in India's Major Ports See 5% Rise in Cargo Traffic in FY24