Indian Iron Ore Export Hit Ten Months High in February

Indian iron ore exports in Feb’18 recorded at 2 MnT. This is highest monthly iron ore export volume since Apr’17 which was 3 MnT then.

Indian iron ore exports witnessed significant increase of 75% in Feb’18 to 2.06 MnT as against 1.18 MnT Jan’18. Significant increase in iron ore export volumes from Goa’s Mormugao port was noticed in Feb’18.

The Apex Court on 07 Feb’18 ordered 88 iron ore mine leases who were granted second renewal in violation are directed to stop all mining operations with effect from 16 Mar’18 until fresh mining leases are granted and fresh environmental clearances are granted. It is evident that Goan miners have accelerated exports before their leases get lapsed.

On yearly premises, Indian iron ore exports have recorded a decline of 37% in Feb’18 as against Feb’17 at 3.27 MnT.

In the first eleven months of FY’18 (Apr-Feb), India exported 13.02 MnT iron ore, down 36% against same period last fiscal (Apr’16-Feb’17).

Vedanta continues to remain the largest Indian iron ore exporter:

Vedanta, remained the largest iron ore exporter at 0.54 MnT in Feb’18, up 35% against 0.40 MnT in Jan’18, followed by Fomento Resources at 0.29 MnT and Rungta at 0.29 MnT. Exports from Rungta Mines increased to more than twice in Feb’18 as against 0.12 MnT in Jan’18.

Other major exporters were MMTC (which exports on behalf of NMDC) at 0.22 MnT , VM Salgaonkar at 0.17 MnT (up 93% M-o-M), Panduronga Timblo at 0.17 (up more than twice M-o-M).

Exports from Minescape Mineral, Infrastil Global Impex, and Essel Mining recorded at 0.17, 0.08 and 0.06 MnT respectively which stood nil in Jan’18.

China’s iron ore imports from India increased significantly in Feb’18:

China contributed a share of 86% at 1.76 MnT of total iron ore exports from India in Feb’18. China’s iron ore imports from India increased to more than twice M-o-M in Feb’18, as against 0.88 MnT in Jan’18. Other major destinations were Japan at 0.22 MnT ( 11% share) and South Korea at 0.07 MnT ( 3% share).

Iron ore exports from Mormugao port doubled in Feb’18:

Mormugao port accounted for largest share of exports at 1.50 MnT (up 93% M-o-M) in Feb’18, contributing 73% of total exports, followed by Paradip at 0.27 MnT (up 62% M-o-M) and Vizag at 0.22 MnT (down 4% M-o-M).