Riverdale Commodities, a Geneva-based commodities trading company, has recently set up its Indian office to further expand its raw material trading business, primarily to service the steel, cement and power industries. Working towards this end, the company exported its first shipment of iron ore fines (Fe 57% grade) from Gopalpur Port in Odisha. It is heard that Riverdale purchased the material from a well-known trader on FoB basis at around $91-92/dmt levels and the material has been sold to a Chinese mill.
“We have made a good start and our plan is to export 1 million tonne (mn t) per annum of iron ore fines and pellets from India. We are also importing RB1/RB2 coal to supply to sponge iron units,” informed Anil Ahuja, Head, India Operations.
The company has been trading over 2.0 mn t of coal, and coke annually to power plants and steel mills in India, which continues to be Riverdale’s largest and most strategic market.
“Riverdale plans to continuously expand its and enter into multi commodity trading business in India and South East Asia by leveraging its strengths,” Ahuja added.
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