With spot iron ore prices in China hovering at two and half years low,Indian exports have almost dried out in last 7-8 months.Though there is something to cheer for Indian exporters as they are fetching higher value in domestic market.
Sources report that iron ore fines buying has been strong from pellet plants like Essar and JSW.Most of exporters are eyeing to supply to these plants. Recently a big Indian exporter has heard to sold 50,000 MT of 63% Fe fines to one of these pellet plants based in Vizag at Rs 4,800/t (Delivered Vizag.
"If we get better value in domestic market, we would prefer to sell in Indian market." said an exporter based in Kolkata.
Looking at increase in pellet capacity in India, exports of iron ore will be a history.
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