Indian iron ore export shipments increased to 4 mn t in Jan’21, up 3% as compared to 3.89 mn t in Dec’20, according to vessel line up data maintained with SteelMint.
The Indian exports of iron ore increased following a rise in global iron ore fines price (Fe 62%) from $155/t, CFR China in Dec’20 to $168/t, CFR China in Jan’21. However, most of the bookings must have been made in Dec’20 when the prices were hovering at about nine-year high levels at $177/t, CFR China during Dec’20 end. The global iron ore price rise is attributed to rising Chinese winter restocking demand. Odisha based miners remained active in liquidating their low-grade ore stocks.
SteelMint’s low-grade Indian iron ore fines (Fe 57%) export index assessed at $87/t, FoB East coast in Dec’20 as against $79/t, FoB East coast India in Nov’20.
Indian iron ore export shipments to China up in Jan’21:
China continued to remain the largest importer of Indian iron ore for the month of Jan’21 at 3.70 mn t against 3.66 mn t in Dec’20. Exports to Japan stood at 0.15 mn t followed by South Korea at 0.14 mn t.
Rungta mines remained the largest exporter:
Rungta mines was the largest iron ore exporter at 1.02 mn t in Jan’21 against 0.61 mn t in Dec’20. Chowgule and Company was the second-largest exporter at 0.30 mn t (up 21% m-o-m), followed by MMTC at 0.29 mn t
Shipper-wise India iron ore export Jan’21 v/s Dec’20
Qty in mn t, Provisional data,
Source: SteelMint Research, Customs
Port wise Indian iron ore exports
In Jan’21, Paradip port accounted for 1.18 mn t exports (up 38% m-o-m) followed by Murmugao at 0.81 mn t and Vizag port at 0.62 mn t.
Outlook: Indian iron ore export bookings stood on the lower side with expected drop in exports for the upcoming month due to approaching Chinese Lunar New year holidays which will render closure at numerous mills. Hence, we foresee a drop down in Indian iron ore exports.
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