India: Iron Ore Exports Increased Marginally in Nov’17

– Rungta Mines exported 0.14 MnT iron ore in Nov’17 and remained the 2^nd largest exporter after NMDC.
– Apart from China and Japan, India exported iron ore to Malysia and Kenya in Nov’17.

Indian iron ore exports have increased marginally by 3% to 0.76 MnT in Nov’17 against 0.74 MnT in Oct’17.However it has decreased significantly by 71% Y-o-Y in Nov’17 against 2.57 MnT in Nov’16.

Demand for Indian origin low grade iron ore fines in China have weakened further amid significant stockpiles in Chinese major ports and quality issues. As per conversation with market participants, the discount on low grade iron ore fines (Fe 57%) had widened to 45-47% against prevailing discount of 42-43%.

In the first eight month (Apr-Nov) of FY’18 India exported 8.28 MnT iron ore declined by 27% against 11.27 MnT in the same period last year.

Rungta Mines remained the 2^nd largest exporter after NMDC– MMTC (that exports on behalf of NMDC) was the largest exporter in Nov’17 at 0.15 MnT. Other major exporters in Nov’17 were Rungta mines at 0.14 MnT, VM Salgaonkar 0.09 MnT, Vedanta at 0.09 MnT.

Odisha based merchant miner – Rungta Mines exported 0.14 MnT in Nov’17 which was nil in Oct’17.

Kenya turns out to be new destination for iron ore export– China contributed for share of 68% (0.51 MnT) of total iron ore exported from India in Nov’17. Other major destinations were Japan (0.15 MnT), Kenya (0.05 MnT) and Malaysia (0.04 MnT).

Port-wise iron ore exports from India in Nov’17 – Mormugao port accounted for largest share at 0.38 MnT in Nov’17 followed by Vizag (0.15MnT), Paradip (0.10 MnT) Dhamra and Redi ports.