Sesa Goa Ltd., India’s biggest iron- ore exporter, said third-quarter group profit rose 76 percent on higher demand for the raw material from steelmakers in China.

Net income rose to 8.3 billion rupees ($182 million) in the three
months ended Dec. 31 from 4.71 billion rupees a year earlier, the
Panaji, Goa-based company said today in an e-mailed statement. Net
sales in the quarter rose to 18.9 billion rupees from 13.6 billion
rupees.

Sesa Goa, a unit of Vedanta Resources Plc, exports most of its
production to steelmakers in China and Japan. China is the world’s
largest buyer of iron ore and last year increased imports by 42 percent
to a record 628 million metric tons. China’s imports may climb 5.1
percent to 660 million tons this year, Custeel.com analyst Du Wei said
last week.

Cash prices of 62 percent iron-content ore delivered to Tianjin port in
China reached the highest in at least 13 months on Jan. 8, according to
the Steel Index. Prices had jumped amid “panic buying” by Chinese mills
concerned about the availability of cargoes from Australia, Goldman
Sachs JBWere Pty. said.

Sesa sold 6.79 million metric tons of iron ore in the three months
ended Dec. 31, 25 percent more than a year earlier, the company said.

Source: Bloomberg

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