Indian Iron ore exporters, who had stocked fines for export from Haldia port, are currently looking for domestic buyers because of falling global prices.
A couple of exporters are holding 15,000 MT of Fe 57/58% fines and 11,000 MT of Fe 56% fines at Haldia port for sales on ’as is where is basis’ and lots of 5,000 MT each.
“Though, the material was transferred at Haldia port for export to China, constant fall in Chinese spot Iron ore fines prices has left a single option for us to sell it to Jharkhand and West Bengal based buyers.
By every passing day, plot rent and other security charges have to be borne by us. Thus, it is better to make domestic offers, rather than burdening ourselves with continuous losses,” mentioned exporters.
Closure of 11 Iron ore mines in Jharkhand (5 Sep, 2014) and 9 in Odisha (16 May, 2014) has resulted in short supply of material for Indian steelmakers, which in turn has aggravated imports. Chinese Fe 62% fines prices have slumped to below USD 80/MT CNF China.
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