Goa, one of the major iron ore exporting regions of India has seen a movement at its ports recently. The iron ore producers at Goa particularly known for its low grade iron ore have exported around 14.6 MnT iron ore in FY17. Mormugao, a major port of the state have exported 1.9 MnT iron ore in the month of Apr-17.
Vedanta have exported the largest quantity of 7.32 MnT iron ore in FY-17 and the company exported 0.78 MnT iron ore in Apr-17 against 1.12 MnT in Mar-17. Last year April Vedanta exported around 0.95 MnT of iron ore. Other major exporters from Goa are Fomento Resources, V M Salgaonkar, Chowgule & Company and Royal Line Resources.
So far till 24th May 17 exports from Goa are reported to be at 1.5 MnT of iron ore by major exporters out of which 64% material is destined to China.
Currently in Chinese market the Goa iron ore is in demand and buyers fearing the halt because of monsoon, which is likely start at its usual period in June in India, have already started the bookings from the exporters in Goa.
It is to be noted that Indian cargos are trading at a discount level of 40-41% in global market at the moment.
As of today global iron ore fines Fe (62%) grade prices have been listed at USD 59/MT, CFR China and the discounted prices for the Indian low grade iron ore are fines calculated at USD 32/MT, CFR China.
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