Indian Iron Ore Exports down 54% M-o-M in October 2013
Iron ore exports from India came down sharply by 54% M-o-M in October and Paradip Port reported the biggest drop at 70% M-o-M.
Exports came down drastically, owing to cyclone which hit India east coast, appreciation in INR against USD and high freight charges imposed by railways.
Source: SteelMint I Figures in per cent (%) represent M-o-M change in Oct ‘13 I Provisional Data
Daily Traffic at Paradip Port Dropped by 55%
Cyclone ‘Phailin’ caused huge damages to Paradip Port – the biggest Port in Odisha and bigger ships were not allowed. Vessels at berth and anchorage, in dozens, were vacated and those yet to come were shown a red signal.
It resulted in closure of cargo handling and vessel movement at Port and truck and rail movement to and from Port for few days. Though, partial operations were resumed but full operations took more days. A number of Port workers were away from work.
No uptick in Chinese Spot Iron Ore Prices
Average Spot Iron ore prices in China remained almost unchanged at USD 134/MT CFR in October; was 133 in September. Chinese market re-opened on 08 Oct, 2013 after a weeklong National day holiday. Steel demand remained subdued on account of rise in inventory levels.
Appreciation in INR against USD
In October, INR strengthened at 61 against USD and resulted in lower realizations from export market; had touched 67 in the beginning of September.
High Freight Charges imposed by Railways
Imposition of Busy Route Surcharge (seasonal) by Indian Railways w.e.f 01 October, for transportation of Iron ore meant for exports pushed up freight charges by INR 450-550/MT.
Bagadiya Brothers Iron Ore Exports Up 24% M-o-M in Oct
Source: SteelMint I Figures in per cent (%) represent M-o-M change in Oct ‘13 I Provisional Data
Rungta Mines Exports drop 73% M-o-M in Oct
Source: SteelMint I Figures in per cent (%) represent M-o-M change in Oct ‘13 I Provisional Data
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