Iron ore division of Vedanta-Sesa Iron ore, is all set to ship its 2nd iron ore export consignment to China.
Mining giant-Vedanta Ltd which resumed iron ore exports from Goa on 19 Oct’15 is all set to make its 2nd iron ore export shipment. It is to export 88,000 MT iron ore via vessel named “MV Indus Fortune”.
A trade source shared that the export contract was signed around a month back under which three iron ore vessels will be exported to China. We have exported out first iron ore vessel “Ao Hong Ma” on 19 Oct’15 and the 2nd vessel is likely to be exported within 2 days. The vessel “MV Indus Fortune” is currently at Panaji Port for loading which is expected to complete within two days. Thereafter, it will be exported to China. The 3rd iron ore export vessel is likely to start loading next week.
However, falling global iron ore prices remain a matter of concern. As the spot iron ore fines (Fe 62%) prices have nose dived to USD 49.5/MT, CFR China amid increased low cost iron ore supply from world’s major miners and reduced purchases of steel mills.
Vedanta aims to export over 5 MnT iron ore from Goa
Vedanta expects to export over 5 MnT iron ore from Goa this fiscal year. Sesa iron ore has three operating leases in Goa namely Codli, Bicholim and Sonshi with a combined production capacity of 5.5 MnT pa.
Currently the company is exporting the auctioned cargoes and once it begins iron ore production in Goa (likely to start in Nov’15) it might begin exporting mined ore.
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