Fomento Resources-Goa based iron ore miner and exporter is likely to export iron ore from Goa.
As per sources, cargo containing 55,000 MT iron ore fines (Fe 57%) was offered by the company through spot tender yesterday (29 Oct’15). The cargo is expected to be loaded in 05-15 Nov’15 from Redi Port.
With anticipation of further drop in Chinese spot iron ore prices, Chinese steel mills are still in discussions over participating in the export tender. As according to them, steel mills would go for purchasing medium grade iron ore fines offered by Australian mines rather than going for low grade fines (below Fe 58%). Hence, outlook for low grade fines (below Fe 58%) appears bleak.
Vedanta’s iron ore division-Sesa iron ore has already exported one iron ore vessel of 88,000 MT to China. Two more iron ore export vessels of Vedanta are in pipeline to be exported to China.
Spot iron ore fines prices in China have fallen by USD 5/MT M-o-M in Oct’15. Prices of fines (Fe 57%) of Indian origin are around USD 38/MT, CNF China.
-Sourced
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