Indian iron ore exporters are now little active as GoI reduced export duty from 30% to 10% on ore with less than 58% Fe, effective from 1 June’15.
Indian exporters are seeking Fe 56/55 fines at around USD 30/DMT and Fe 55% at USD 28/DMT, FOB Vizag Port. Although no confirm trades have been reported.
Transaction of Fe 58 fines was heard to be concluded at INR 1,800/MT and Fe 57 fines at INR 1,700/MT, delivered Vizag Port.
Exports are viable from Paradip port, but not many exporters hold plot there.
Indian Iron Ore Export expected at 4-5 MNT in FY16
Indian iron ore exports are likely to touch 4-5 MnT in FY16 , which was 4.8 MnT in FY15, 14.5 MnT in FY14, 18.1 MnT in FY13 and 61.7 MnT in FY12.
Exports are likely to surge owing to reduced export duty on low grade and renewed export contract with Japanese and Korean steel mills.
Indian government has recently signed export contract for a period of 3 years with Japanese and Korean steel makers for a supply of 3.8 MnT to 5.5 MnT per annum from NMDC mines through state trading house MMTC. NMDC exported 2.4 MnT Iron ore in last fiscal year FY15.
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