Thursday, January 20,
Sesa Goa, Indian largest exporter of Iron Ore fines in India managed to fetch $192/MT for its 63.5/63 Fe cargo. Deal was highest since June 2008.
Buying interest form Chinese buyers remained low as Indian govt likely to hike up duty on exports of Iron Ore. Hiking up duty will squeeze exporters margin and they have to sell at lower cost. Indian exporters looked slightly desperate to clear off their position before the announcement.
Current duty on exports of Iron ore is 5 % and is expected to go up to 20% said market participants.
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