Extended monsoon worries Indian exporters

Waiting period at Vizag and
Paradip port goes up due to the extended monsoon and it is adding worries for the
Indian exporters.

Waiting period has gone up to 10
days for Vizag port and 20 days for Paradip port. And this has lead to a increased
in demurrage charges, said an Indian exporter based in Mumbai.

There are many vessels waiting to
get on berth due to heavy rain fall activities from past few days, he added

Buying sentiments for Iron ore have
remained weak from Chinese buyers and offers for Fe 63.5/63 are hovering at
around $185-186/MT CFR China.

Providing proof of sluggish
demand for iron ore was the sale by Indian exporter Sesa Goa of 54-percent
grade lump ore via tender at $135/MT, cost and freight, on Tuesday i.e. down
from $137.50 earlier this month, a Shandong-based trader said.

According to another Shanghai-based
iron ore trader, “The domestic credit tightening campaign has caused steel
mills to almost stop restocking iron ore because they barely have money to buy.
Mills have to sell their products at a lower price to get their money
back.”