Indian iron ore exporters turned active and enjoys global iron ore prices upsurge. With increase in iron ore prices globally, parity for exports of Fe 58/57% fines also increased from India.
As per index, current export offers for Indian iron ore Fe 58/57% fines would come around at USD 34-35/MT FoB, India and USD 40-41/MT CFR China including all the cost i.e.hedging, freight, logistics etc. The expected buying by Indian exporters for Fe 57/58 fines would come around at INR 1,500-1,700/MT FoR, East Coast.
Meanwhile, Indian iron ore exporters and traders also seen aggressively participating for allotment of manual as well as mechanical plots at Paradip for exports. Total, 25 companies participated for both the plots. As reported earlier, Indian iron ore exports will gain in the coming fiscal, Indian exporters wanted to seize their plots at Paradip.
Global iron ore prices are up by USD 4-5/MT in a week time upon steady increase in spot steel prices in China.Currently, prices for Fe 62% Australian fines are assessed at USD 58.5/MT CFR China on 12 Apr’16. Increase in global prices have made Indian iron ore exporters optimistic and few trade transactions has also been seen.
Phased out export duty from 30% to nill on exports of low grade ore ( below 58%), had also given a big relief to Indian exporters especially Goan iron ore exporters. Goa mainly exports low grade ore to China.
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