As per customs data tracked by SteelMint, Vedanta is likely to export two iron ore vessels to China. The vessel named “Double Pride” carrying 93,000 MT iron ore fines (Fe 57%) is expected to reach Mormugao Port tomorrow (15 Jan’16).
“Bulk Malaysia” another export vessel of Vedanta carrying 86,000 MT iron ore fines is expected to reach Mormugao Port on 17 Jan’16. As per sources, both the deals were concluded at around USD 31/MT, CFR China.
In Jan’16 (till 14 Jan’16) there are three vessels of iron ore exports from Goa. Bagadiya Brothers exported 54,700 MT iron ore from Mormugao Port in first week of Jan’16.
Apart from this there are three vessels of iron ore exports from Redi Port. Out of this two vessels are of Samruddha Resources and one of Fomento Resources.
Vessel updates of iron ore export from west coast of India
| Date | Shipper | Vessel Name | Qty | Loading Port | Destination | Status |
| 03 Jan’16 | Bagadiya Brothers | Spring Legend | 54,700 | Mormugao | China | Berth |
| 06 Jan’16 | Samruddha Resources | ER Basel | 55,000 | Redi | Berth | |
| 11 Jan’16 | Samruddha Resources | Observator | 55,200 | Redi | Berth | |
| 14 Jan’16 | Fomento Resources | Tanary K | 56,000 | Redi | Berth | |
| 15 Jan’16 | Vedanta | Double Pride | 93,000 | Mormugao | Expected | |
| 17 Jan’16 | Vedanta | Bulk Malaysia | 86,000 | Mormugao | Expected |
Qty in MT
Provisional data
Source: SteelMint Stats, Customs
On the backdrop of declining global prices Goan iron ore miners and Goan govt. urged the central govt. for removal of export duty on iron ore. On low grade iron ore fines (less than Fe 58%) export duty is currently at 10% and those for fines (above 58%) it is 30%. Export duty on lump is 30% irrespective of grades.
Chinese spot iron ore prices have again dropped below USD 40/MT mark and is currently at USD 39.6/MT, CFR China for Fe 62% Australian fines.
Leave a Reply