South Africa’s iron ore export shipments in Jun’21 stood at 4.94 million tonnes (mn t), marginally down by 1% as against 5 mn t in May’21, according to the bulk vessel line-up data maintained with SteelMint.
South Africa’s iron ore export shipments to China in Jun’21 were recorded at 3.08 mn t, as compared to 2.69 mn t in May’21. The Netherlands was the second-largest importer at 0.48 mn t followed by Korea at 0.35 mn t. Active Chinese buying interest for lumps on emission cuts boosted spot lumps premium. Spot lumps premiums were assessed at $0.7550/dmtu towards end Jun’21 as against $0.5200/dmtu levels seen in end-May.
Nil export shipments to India
Iron ore shipments from South Africa to India continued to remain nil in Jun’21 too. Imports were last seen at 144,292 tonnes (t) in Dec’20.
The current assessment for imported South African lumps (Fe 64%) stands at $273/t as on 14 July’21, CNF Kandla. However, with rising global iron ore prices, imported lumps offers remain unviable at the current levels. Indian mills continue to prefer domestic ore and pellets on cost-effectiveness. The monthly average global iron ore fines (Fe 62%) index increased to $218/t, CFR China in Jun’21 against $206.5/t, CFR China in May’21.
South African iron ore export shipments line-up
Qty in t
Source: SteelMint, Customs
provisional data
Outlook
High global iron ore prices may continue to keep imports of South African lumps into India on the lower side as domestic substitutes are more preferable.
Leave a Reply