Last month, India witnessed a single iron ore export shipment of 39,300 MT.
Indian iron ore exports from India remained nil in first two months of this fiscal. While, a single export shipment of 39,300 MT iron ore was recorded in June’15.
Essel Mining exported 39,300 MT iron ore to China in June’15. The shipment details are mentioned below:
|
|
Qty | Destination Country | Loading Port |
|
| 07 June’15 | 17,000 | China | Haldia | Bashundhara |
| 13 June’15 | 22,300 | Vizag | Bashundhara | |
| Total | 39,300 |
Qty in MT
Provisional data
Source: SteelMint Research, Customs
Indian govt. approved NMDC’s export agreement for supply of iron ore to South Korea and Japan on 24 June’15. Under new export agreement, about 3.8 to 5.5 MnT of iron ore mined by NMDC will be shipped to these countries. Though, exports have not begun yet as the company is still to finalize the terms & conditions with these countries.
No vessels for iron ore export from India for July’15 have been noticed so far. However, it was heard that exporters became active post reduction in iron ore export duty on low grade ore (with Fe content less than 58%) by 20%. But falling spot iron ore prices are still a matter of concern. Low grade iron ore exports from Goa have remained nil since Feb’15.
Global iron ore sentiments remain weak
Iron ore prices in China have fallen drastically this week. Spot iron ore prices have plunged to a new 10-year low yesterday. Prices for fines (Fe 62%) have dived to USD 44.1/MT, CFR China making iron ore exports unfavorable. Falling iron ore prices in global market will keep Indian iron ore exports low.
Iron ore imports to China stood at 70.9 MnT in May’15, down by 12% M-o-M owing to weaker demand.
Global Iron Ore Prices as on 08 July’15
|
|
Material Type |
|
| Fe 62, Australia | Fines | 44.1 |
| Fe 62, Australia | PB Lump | 57 |
| Fe 65, Brazil | Fines | 50 |
| Fe 65, Brazil | Lump | 58 |
| Fe 64/63, South Africa | Lump | 63 |
| Fe 64.5, South Africa | Concentrate | 56 |
| Fe 65/64.5, South Africa | Fines | 54 |
| Fe 63/62, India | Fines | 48 |
| Fe 61/60, India | Fines | 42 |
| Fe 59/58, India | Fines | 38 |
CNF China prices
Source: SteelMint
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