After a long gap of around 1 year, Odisha merchant miner, Rungta mines, resumed iron ore movement from its Jharkhand mines to Dhamra Port for exports.
According to market sources, the miner recently moved around 3 rakes i.e. 11,550 MT low grade fines (Fe 57%) from Jharkhand mines to Dhamra Port.
Current export offers for Indian low grade (Fe 57/58%) fines are hovering at USD 40-41/MT, FoB India. Many iron ore exporters namely, Vedanta, Bagadia Brothers, Fomento Resources, Royalline Resources etc. are aggressively exporting low grade iron ore fines from India. Currently, low grade iron ore is specifically exporting from Goa to China.
It was FY15, the miner lastly exported around 0.42 MnT iron ore majorly to China. After that, due to imposition of illegal mining ban around the country, the miner fulfilled the domestic needs of the Indian steel makers. Alongside, at that time, exports also become unviable.
Apparently, now, as the global market becoming strong the miner resumes iron ore exports. Certain favorable conditions such as sudden upsurge in global iron ore prices as well as abolished export duty on export of low grade ore (below 58%), have attracted the miner to resume exports.
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