Offers of low-grade Indian iron ore cargoes in the Chinese
market have dropped over the past week as smaller miners have exhausted their
export volume limits with the fiscal year coming to a close in India March 31, said
traders.
“As we have entered March, Indian miners are well into the last month of
the current financial year and most general players will have hit their
production quota for exports.
“Only bigger players like Sesa Goa and Formento Resources will have cargoes
to offer. The rest would have exhausted their limits,” a Shanghai-based
source at an Indian trading firm said.
The previous week, there was a swell in offers of low-to-medium grade Indian
fines into China. Both buyers and sellers in China were seeing increased
availability of such cargoes. But currently, only the bigger miners like Sesa
Goa were offering lower-grade cargoes.
Sesa Goa has issued two sell tenders offering cargoes of 80,000-90,000 mt
54%-Fe Indian lumps for loading over March 8-13 and March 18-25 from Goa.
The two cargoes have identical specifications, and contains 8% alumina, 7%
silica, 0.1% phosphorus, 0.03% sulfur and 9% moisture. The tenders close
Monday, 10:00 pm Indian time (1630 GMT).
Source: Platts
Leave a Reply