Indian iron ore export shipments increased to 3.91 mn t in Nov’20, up 8% m-o-m as compared to 3.61 mn t in Oct’20, according to vessel line up data maintained with SteelMint. On an yearly basis too, exports increased sharply by 71% as compared to 2.29 mn t in Nov’19.
The exports have increased on the expectation of firm steel production and Chinese iron ore restocking demand in the winter. Also, increase in global iron ore fines prices favored exports. Monthly average global iron ore fines (Fe 62%) price increased to $124/t CFR China in Nov’20 as against $120/t CFR China in Oct’20.
Also, Odisha based miners remained active in liquidating their low-grade ore stocks. SteelMint estimates a stockpile of around 15 mn t with these miners as on 1st Nov’20, mainly of low-grade stock which is difficult to liquidate.The case pertaining to disposal of iron ore stocks by the old lessees – the timeline for which ended on 31st Oct’20.
Indian iron ore export shipments to China up 6%: China continued to remain the largest importer of Indian iron ore for the month of Nov’20 at 3.48 mn t against 3.28 mn t in Oct’20. Exports to Japan stood at 0.30 mn t followed by South Korea at 0.08 mn t.
Rungta mines remained the largest exporter: Rungta mines stood the largest iron ore exporter at 0.88 mn t (up 56% m-o-m). Thriveni was the second-largest exporter at 0.41 mn t (down 18% m-o-m), followed by MMTC at 0.37 mn t.
India iron ore export Nov’20 v/s Oct’20
Qty in mn t, Provisional data,
Source: SteelMint Research, Customs
Port wise Indian iron ore exports: In Nov’20, Paradip port accounted for 1.33 mn t exports (down by 10% m-o-m) followed by Mormugao port at 0.78 mn t and Vizag at 0.70 mn t.
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