South Africa’s iron ore export shipments in Feb’21 was recorded at 4.05 mn t – down 15% against 4.79 mn t in Jan’21, according to bulk vessel line up data maintained with SteelMint.
Export shipments to India recorded nil for yet another month
Iron ore shipments to India continued to remain nil for the second consecutive month in Feb’21. Imports were last witnessed in Dec’20 at 144,292 t.
The current assessment for imported South African lump (Fe 64%) stands at around $200-202/t, CNF Kandla. The prices have dropped down as against $ 220/t, CNF Kandla assessed for the first half of Mar’21.However, prices continue to remain unviable at the current levels and Indian mills continue to prefer domestic ore & pellets due to cost effectiveness.Gujarat based mills have shifted to ore from NMDC Odisha and Karnataka along with pellets from imported ore. The spot iron ore fines (Fe 62%) index stood at $158/t, CNF China in early Feb’21 and increased to $174/t, CNF China towards Feb’21 end.
Shipments to China dropped by 16% in Feb’21
South Africa’s iron ore export shipments to China for Feb’21 was recorded at 2.2 mn t, as compared with 2.6 mn t in Jan’21. Korea was the second largest importer at 0.59 mn t (up 28% m-o-m) followed by Netherlands at 0.57 mn t.
South Africa iron ore export shipments line up
Qty in t
Source: SteelMint, Custom
Provisional Data
Outlook –Steel mills in Northern China have raised imported iron ore lump usage since late Feb’21 due to stricter production curbs in order to improve air quality.
World’s leading miner – Anglo American has set production guidance of 40-41 mn t from it’s Kumba mines in South Africa.
Leave a Reply