Indian Iron ore export market is mute since China spot Iron ore prices took a descending trend and INR appreciated against USD. Prices slid down by USD 15/MT in last one month.
Indian exporters foresee no improvement in export for next one month. In addition, stock accumulation at major Chinese ports is about 112.5 MnT.
As exports are not viable and exporters/traders have stopped buying, suspension of Odisha Iron ore mining operations should help domestic Steel/Sponge iron units to utilize Fines, which otherwise would be exported.
Indian Iron Ore Export dropped 29%
Only 0.62 MnT Iron ore has been exported from various Indian ports till 27 May’14 as compared to 0.87 MnT till 27 Apr’14, thus a fall of 29% in this month.
Prices continued to weaken from the second week of April, after touching USD 118/MT. On similar lines, INR started appreciating to 58-59 against USD from April last week onwards.
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