Iron ore prices in international market dropped by over 30% in last one month on weak demand and excess supply from Australian and Brazilian miners.With high freight charges and export duty, Indian iron ore offers remain very non-competitive in the market, said industry experts.
Experts also report that big miners cum exporters based in Odisha have almost stopped stocking iron ore on Indian ports looking at weak demand.
“Movement of iron ore fines from Barbil, Odisha for exports by rail has almost stopped on high freight charges, though some movement is done by road on less freight.” said Mr Mohanty, an iron ore exporter and trader based in Odisha.
There has been no rake loading for iron ore (exports purpose) in last one or two weeks, he further added.
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