August 18,
India’s Iron ore exports to China fell by 30% in July because of the following reasons:-
· China’s ban on low-grade Iron ore imports
· Karnataka’s move to ban exports from its ports
Stockpiles of imported ore at Chinese ports moved up by 400,000 tonnes to 73.98 MT for the week ended August 13. But out of this, Indian stocks fell 1.24 MT to 16.88 MT.
India’s loss has helped Australia & Brazil to boost their supplies to China by around 35%.
Many new markets, including Angola, Iran, Madagascar and Mozambique are emerging as a substitute to India.
Commenting on this a Goa based miner, Haresh Melwani, CEO, H L Nathurmal & Co said, “For China, supply restriction is not a problem, while for us, exploring new markets will be a herculean task.”
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