As per customs data maintained by SteelMint, import vessel named “C Oasis” carrying 155,800 MT fines and lump from South Africa is expected to arrive at Mundra Port on 27 Sept’15.
It seems that the cargo was booked 1 month ago when Indian domestic iron ore prices were high and shipment is arriving now. Prices of South African fines (Fe 65%) are currently at around USD 57/MT, CFR China.
Steel mills in western India either utilize domestic pellets (currently around INR 5,350/MT, delivered Kandla) or use imported ore. Offers for South African Kumba lump are around USD 70/MT, CIF west coast India for Oct’15 delivery.
As per customs data, another vessel named “Indus Victory” carrying 90,700 MT iron ore from South Africa is expected to arrive at Kandla Port on 26 Sept’15.
Apart from this, there is just a single vessel of iron ore import of KIOCL which is at berth currently. KIOCL imported 72,500 MT iron ore fines from Brazil at Mangalore Port via vessel named “Navios Sagittarius”.
Iron ore imports to India might remain around 6 MnT in FY16
India has imported 2.94 MnT iron ore (till date) in FY16, and import is expected to touch 3.19 MnT by Sept’15 end. Looking at increased and cheaper domestic availability, it seems that iron ore imports to India might remain around 6 MnT in this fiscal.
till 24 Sept’15
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