Indian Iron Fines of Fe content 58% is standing at USD 92/MT CFR China, according to Indian exporters. However, sentiments of Chinese buyers are still weak as they anticipate prices to correct further.
Indian Iron ore exporters claim that, appreciating INR and falling Iron ore prices in Chinese market have hurt their margins significantly. Trade activities have been low since April.
India is exporting around 1.25 MnT of Iron ore every month. NMDC, Rungta mines, Bagadiya Brothers, Kalinga, SM Niryat stayed as few big exporters from India. There are not many exporters who are dealing in high grade ore because of high freight cost on exports from Odisha.
“Current offers for Fe 58% Iron ore Fines are pertaining at USD 92/MT CFR China and around USD 75/MT FOB Vizag/Paradip, however no trades have been reported,” said an exporter based in Eastern part of India.
Exports of Iron Ore from Goa
There is some relief for Iron ore miners as Supreme Court has lifted ban from mining in Goa. However, it will take some time for things to get back on track. On the other hand, exporters are waiting for Goan Government to put 3rd lot of e-auction. First two auctions received good response from exporters.
“We are waiting for 3rd lot to come for e-auction. However, there is some dispute between state government and central government over port stacking charges,” said an exporter based in Goa.
Leave a Reply