Spot Iron ore prices in Chinese market remained stable with 62% Fe index hovering at USD 106/DMT CFR China. In similar lines, prices for Indian 58% Fines remain unchanged and within a range of USD 84-86/DMT CFR China or USD 65-67/DMT FOB East Coast India, as reported by exporters to SteelMint.
As there are limited sellers in Indian market hence, cost of export is higher than current market prices. Mill scale offers stand at USD 120-122/DMT CFR China (in bulk), last deal of 2,000 MT of Mill Scale was heard concluding at INR 5,200-5,250/MT delivered from Kandla Port.
Indian Iron ore export stood at around 15-16 MnT in FY14 against 18 MnT in FY13. However, with Supreme Court’s order on liquidation of stock and resumption of mining operations in Goa, exports will increase and may go up to 23-25 MnT in FY15.
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