Iron ore exports from India have consistently falling on the backdrop of mining disruptions in the country and falling prices in the Chinese market. India, which used to be 3rd largest Iron ore exporter in FY10, has lost its presence in the global market. Indian Iron ore exports in FY15 (Apr’14-Dec’14) stood at 3.5 MnT.
NMDC remains the Largest Exporter
NMDC remains the largest exporter from India. NMDC has exported 1.67 MnT in FY15 (Apr’14-Dec’14) and 1.84 MnT in FY14. The company exports about 10% of its production to Japanese and Korean steel mills under long-term supply agreement.
Goa Government delaying Iron Ore Auction on hopes of Duty Cut
Goa government is delaying Iron ore e-auction on hope that export duty may be reduced on low grade ore, which is not preferred by the domestic steel mills. The state government has auctioned 5.40 MnT Iron ore (not fresh mined) and exported about 0.62 MnT in FY15 (till Dec’14).
Fomento Resources is to export 69,700 MT Iron ore on vessel named as MV. FU Ming, which is expected to arrive at Mormugao Port on 09 Jan, 2015. The company has shipped its first shipment of 60,000 MT Iron ore from Redi Port to China on 20 Dec, 2014.
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