Iron ore export prices down $10
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The spot export prices of Indian iron ore have slumped by nearly $10 as its Chinese buyers are reluctant to pay a higher price for the mineral, which could deplete the botomline of the cash-rich ore exporters.
“Indian iron ore spot export prices for 63.5 Fe fines, which early this month touched $200 a tonne c&f in main China port have fallen back to their previous levels of $185-190 c&f after meeting resistance from buyers,” the Metal Bulletin reported.
It said some Indian exporters were concerned that global spot prices may dip further. They cited Rio Tinto’s announcement offering around 15 MT of ore in the spot market this year, compared to about 4 MT last year, which may cut into India’s share. “But restrictions on Indian export availability may help sustain current price levels. Goan exporters may lose around 8 MT of production in the Supreme Court refuses to allow 24 mines which have closed on various environmental grounds to reopen,” the report stated.
Moreover, exports of Indian ore could be further restricted by a probe into the Karnataka’s anticorruption ombudsman, the Bulletin said and pointed out that the country’s East Coast Railway has restricted its service to Vizag during daylight “only as a result of terrorist threats.
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Source : Business Line |
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