Iron ore sales to China may slow

Print this page Posted on : 04-25-2007 by recycleinme.com

Iron ore exports to China from India were likely to have in April compared with a record March, traders said, as an indina export tax temporarily slows liftings. China, the world’s largest steel producer, imported a record 9.84 million tones of iron ore from India in March, despite the introduction of a Rs.300 a tonne export tax announced early in the month. Most of the shipments were contracted before the tax was announced. Chinese mills and traders have said they would halt buying from India, but merchants based in Singapore and Dubai said sales of Indian ore were continuing, albeit at a lower level. Congestion at Australian ports favoured Chinese purchases from Brazil, which rose 30 per cent on the year in March, and from India, which rose 31 percent from a year earlier.

Source : Business Line