Sharp decline in global iron ore prices resulted in significant fall in iron ore export volume from India in May’17. Indian iron ore exports have been down by 37% M-o-M in May’17. India has exported 1.92 MnT material in May’17 compared with 3.04 MnT in Apr’17. On yearly premises, i.e. compared to May’16, export figure is down by 12%.
Monthly average spot iron ore fines (Fe 62%) prices for May’17 were USD 60.9/ MT CNF China against USD 70/MT CNF China in Apr’17. Low grade Indian iron ore fines continued to trade at discount of 40-41%.
Goan miners remained active in exporting cargoes before onset of monsoon season that disrupts the mining activities in the state during Jun-Sept. However iron ore export from Odisha and other east India based shippers witnessed decline over thin realizations.
Vedanta continues to remain the largest exporter – Vedanta remained the largest exporter in May’17 at 0.84 MnT compared to 0.78 MnT in Apr’17. Other major exporters were Fomento Resources at 0.39 MnT and NMDC at 0.28 MnT. Odisha based miner – Rungta Mines exported 55,000 MT iron ore in May’17 compared to 236,860 MT in Apr’17.
China accounted for 76% share in May’17 Indian iron ore exports – China remains the top destination for Indian iron ore export for the month of May’ 17 with share of 1.48 MnT (76%) followed by Japan.
Port-wise iron ore exports from India in May’17 – 1.45 MnT iron ore was exported from Mormugao port in May’17, down 26% M-o-M. Iron ore export from eastern India based ports (Haldia, Paradip and Dhamra) fell from 0.22 MnT in Apr’17 to 0.19 MnT in May’17.
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