Indian Iron ore exporters limit Iron ore fines purchases from domestic market eyeing at falling spot Iron ore prices and low demand in Chinese market.

Current offers for Fe 55 Iron ore fines are hovering at INR 2,800/MT delivered Vizag port, but being asked at around INR 2,700-2,750/MT.

[su_quote]An Indian exporter mentioned, “Exports have continued to remain low from India on high export duty & freight charges. Also, with several restrictions imposed in Odisha, it is not practical to export high grade Iron ore for a merchant exporter.”[/su_quote]

Most of merchant exporters are involved in exporting low grade Iron ore, which they procure from Sponge iron units.

[su_quote]He also added, “Exports of Iron ore from India are in hands of few leading companies like Rungta, MMTC (NMDC) Serajuddin and Bagadiya, also including few more exporters.”[/su_quote]

Today, foreign quotes for Fe 63.5/63 are at USD 125/MT CFR China, and for PB Fines Fe 61.5 at USD 124/MT CFR China. In Spot trading, Fe 61.5 was sold at RMB 850/WMT at Qingdao Port. Currently, Square billet are offered at RMB 2,830/MT (EXW; VAT included) in Tangshan. (USD 1= RMB 6.1022)

Trade Wise:

• Fe 55 is offered at INR 2,800/MT delivered Vizag port, however exporters seeking at INR 2,700-2,750/MT
• Fe 60 offered at INR 3,600/MT delivered Vizag port
• Indian mill scale exporters seeking mill scale at INR 5,900/MT

Global Iron Ore Fines Prices (in USD/MT) as on 27 Jan, 2014

Exports

Today, 20,000 MT of Iron ore is being loaded on vessel Eastgates by the Shipper named Lords Bluetech at Haldia port.

Vessel Bashundhara is still being loaded at Haldia port by Essel minning of quantity 16,200 MT of Iron ore.

SM Niryat is exporting 54,700 MT of Iron ore from Paradip port in vessel name Triton Seagull.