Indian Iron Ore Exports Cross 1 MnT Mark in Dec’15

Quarterly iron ore exports from India have moved up from nil in Q2 FY16 to 2.06 MnT in Q3 FY16.

After a gap of 20 months, monthly Indian iron ore exports crossed 1 MnT mark in Dec’15. Last month witnessed a total of 16 iron ore export shipments amounting to 1,143,700 MT. Out of this the share of NMDC was 299,700 MT and the remaining share of 844,000 MT is attributed to exports from Goa.

Shipper-wise iron ore exports from India in Dec’15

Provisional data
Source: SteelMint Stats, Customs

Link to vessel details of Dec’15 iron ore export shipments from India

As per analysis, export price of fines from Goa was in the range of USD 24-32/MT, FoB India. Iron ore export price for NMDC iron ore fines was at around USD 51-52.6/MT, CFR.

Indian Iron Ore Exports at 2.06 MnT in Q3 FY16

Resumption of exports from NMDC and Goa have led to increase in India’s iron ore exports in third quarter of this fiscal.

Iron ore exports from India which remained nil in Q2 FY16 increased drastically and stood at 2,056,650 MT in Q3 FY16.

NMDC (which exports through MMTC under its long term trade agreements ) exported 376,700 MT high grade iron ore fines to South Korea and Japan in Q3 FY16. The miner resumed iron ore exports in Nov’15. Export price for all the shipments of NMDC in Q3 FY16 will come around USD 51-52.6/MT, CFR.

Goan iron ore miners also resumed exports in 3rd quarter despite falling prices in global market so as to clear the already mined ore before the fresh mining begins full fledged manner. Amongst iron ore exporters in Goa, Vedanta remained the largest exporter and exported 603,000 MT iron ore in Q3 FY16. Other major exporters from Goa were VM Salgaonkar (341,950 MT) and Fomento Resources (263,700 MT).

Transportation strike called by some truck owners demanding hike in transportation rates in the beginning of Dec’15 hampered export shipments of Vedanta. However the state govt. is trying best to resolve the issue so as restart the iron ore exports from state.