Indian iron ore imports for the month of Nov’19 recorded at 122,345 MT according to the data maintained by SteelMint. The imports have rebounded after being nil for three consecutive month from Aug’19 to Oct’19.
The entire quantity of 122,345 MT was imported by KIOCL from Canada delivered at Mangalore port.
On yearly basis, imports dropped 89% compared to 1.16 MnT in Nov’18.
Why Indian iron ore imports have been supported for the month?
1. Fall in global iron ore prices: Monthly average global iron ore fines (Fe 62%) decreased by 5% for the month of Nov’19 as compared to last month’s prices. The prices recorded at USD 84.5/MT, CFR China in Nov’19 against last month at USD 89/MT, CFR China. The global iron ore prices have dropped over the months significantly from as high as USD 120/MT, CFR China recorded towards July’19.
2. Increased preference for South African lumps: Indian steelmakers have booked South African lump iron ore vessel in Nov’19. A vessel of about 49,000 MT iron ore lump from South Africa’s Kumba mine was heard to have been booked towards mid of last month. Also, lump import vessel of about 60,500 MT is expected to arrive at Goa towards the end of Dec’19. As per sources, South African Saldanha port was under maintenance shut in Oct’19 and resumed in Nov’19 pushing Indian imports.
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