India iron ore imports were down 86% M-o-M according to customs data maintained with SteelMint; there was a single iron ore importer last month. Iron ore imports to India have fallen from 390,920 MT in May’17 to merely a quantity of 55,200 MT in Jun’17.
There was a quarterly fall of 68% at 0.73 MnT against 1.33 MnT for the same period last fiscal. Imports were down by 45% Y-o-Y as well for the month of Jun compared with Jun’16.
Stable global iron ore prices have affected the Indian steel makers’ imports for the month of Jun’17. Only one buyer Goa Sponge has imported 55,200 MT iron ore in Jun’17.
Almost for the whole of the Jun’17 the global spot iron ore fines prices were stable except it rose a little in the last week. In Jun’17 the monthly average spot iron ore fines prices in China fell by USD 4/MT M-o-M, however in the month of May the monthly average prices were down by USD 10/MT compared to Apr’17 which was a trigger then for increased bookings from India for July deliveries.
Increased import expected in Jul’17 – Vessel Line Up: Though the month of Jun have been slack for India’s iron ore imports, the vessel line up data maintained with SteelMint show that a quantity of 833,630 MT iron ore is to be unloaded on Indian ports in Jul’17.
Five vessels originating from South Africa, two from Brazil and one from Australia have been booked by the Indian importers for early to mid July’17 delivery.
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