Iron ore export from India, which stood at 0.04 MnT in June’15 was completely frozen in July’15. No iron ore export shipment was recorded in the month of July’15.
Chinese spot iron ore prices exhibited very unstable movement in the last month. Prices hit a new 10-year low and touched USD 44.1/MT, CFR China early July’15, but rebounded in the latter half of the month and closed at USD 53/MT, CFR China on 31st of July.
Uptrend in Global Iron Ore Prices might Boost Exports
Recently, spot iron ore prices in China have touched 1 month high at USD 56.4/MT, CFR China. Chinese mills have increased iron ore buying, which has resulted into reduction of port stock. Steel mills have increased their output before they face shut down by the government.
This uptrend in global iron ore prices might boost exports, especially from Goa. As iron ore produced in Goa is of low grade (Fe 58%) and it is only meant for export to China. Iron ore export from Goa has remained nil since Feb’15 owing to continuous decline in global iron ore prices. It looks as if export from Goa might just pick up after monsoon gets over in Oct’15.
The 7th Goa iron ore e-auction held on 4 Aug’15 fetched extremely poor response. Out of offered 1 MnT iron ore, only 2 lots amounting to a total of 55,453 MT was sold. Exporters kept themselves away from e-auction & material was purchased by domestic buyers.
Single Shipment of Pellet Export from India in July’15
Essar Steel exported 20,000 MT pellets to Abu Dhabi via Vizag Port. In June’15, Indian pellet export stood at 0.31 MnT, out of which, all shipments were of Essar Steel.
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