National Mineral Development Corporation (NMDC) remains India’s largest Iron ore exporter in Q1 with a volume of about 0.67 MnT against total exports of 1.9 MnT in the same period.
NMDC’s shipments have been made largely to Japan at an average price of USD 120-122/MT FOB Vizag port for 65% Fe Iron fines and USD 135/MT for 65% Fe Lumps, according to Indian customs data.
Indian Iron ore exports have been falling consistently owing to rise in export duty coupled with mining ban in major producing states badly impacted shipments by Indian miners.
As a result, the country lost its prominence in Iron ore export markets and is not regarded as a preferred supplier in Chinese market. India had exported 117 MnT of Iron ore in FY10, which fell to 14 MT in FY14.
NMDC, the largest Iron ore producer in India, has production capacity of 32 MnT pa. It sells over 90% of its produce material to the domestic market and exports the rest to Japan & Korea under long-term supply agreements. NMDC’s Iron ore production was over 27 MnT in FY13 and 30 MnT in FY14 and it exported about 1.6 MnT & 2.5 MnT in these two fiscal years respectively.
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