Rungta mines ltd, one of the largest iron ore miner in the country have speed up stocking iron ore fines at various ports of India (Specially Vizag) over improved iron ore prices in Chinese market. Company has transported over 1,00,000 tonnes in first 13 days of the the month. Despite shrinking exports of iron ore from India due to much higher export duty, differential freight charges and restrictions put by government, Rungta mines have emerged to be one of the largest exporter from India.
Current offers for Fe 63.5/63 Fe fines from Rungta mines to domestic customers are around Rs 2,600/t (Loaded to Wagons, Fe 63%) and railway freight from Barbil to Vizag (for exports) is around Rs 2,700/t.Where as export prices for 63.5/63 Fe iron ore fines are in range of $154-156/t CFR China.
Total iron ore exported from India in the month pf December 2012 was 2.8 lac tonnes according to data available with Chinese customs.
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