Indian iron ore exports have declined sharply by 33% in May’18 to 0.79 MnT against 1.18 MnT in Apr’18. On yearly basis, the exports have witnessed a sharp fall of 59% as against 1.92 MnT in May’17. India’s monthly iron ore export volumes declined sharply and have hit 6-months low in May’18. Prior to this in Nov’17, Indian iron ore export was recorded at 0.76 MnT.
The declining exports from Goa miners owing to canceled of mining operations at 88 mining lease post 15th Mar’18 by the Supreme court resulted fall in export volumes. Besides, increase in high-grade iron ore demand from Chinese mills due to environmental issues led to a further decline of iron ore export from Goa.
Furthermore, exports from NMDC continued to remain nil for the 2nd consecutive month in May’18. It is to be noted that iron ore exported by NMDC under MMTC under Long-Term Agreement to South Korea & Japan was subject to an export duty of 10% which expired on 31 Mar’18. And as of now, there has been no update regarding duty structure.
Rungta mines iron ore exports increase nearly four-fold
Vedanta marked the largest exporter for the month of May’18 at 0.42 MnT, up 20% as against 0.35 MnT in Apr’18. Rungta mines stood the second largest exporter at 0.23 MnT, up by almost four times on monthly basis. Other major exporters were Chowgule and Company at 0.08 MnT, and Agrawal Mineral at 0.06 MnT. Odisha’s Essel Mining exported 13,000 MT.
Goan miners are allowed to export iron ore mined previously to the ban imposition (15th Mar’18), on which royalty has been paid, and lying at jetties, not the iron ore lying at mines head. This is expected to bring the reduction in exports from Goa for upcoming months.
Indian exports to China declined 32% M-o-M in May’18
China stood the largest importer contributing 90% of total export share in May’18. China imported 0.72 MnT in May’18, down by 32% as against 1.05 MnT in Apr’18. Japan imported 0.08 MnT (10% of total exports share), up 79% M-o-M as against 0.04 MnT in Apr’18.
Iron ore exports from Goa down 51% in May’18
In May’18, Mormugao port accounted for largest share of exports with 70% share at 0.55 MnT, down 51% on a monthly basis as it was 1.12MnT in Apr’18. Paradip stood second largest exporter at 0.21 MnT followed by Haldia at 0.04MnT.
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