Few South African Lump Traders Suspend Fresh Bookings On Recent Force Majeure by Transnet
According to market sources report to SteelMint, recent bookings of South African lump by Indian mills are on lower side amidst lack of clarity on force majeure declared by South African miner.
As per market sources reports, South African miner Kumba and Assmang have declared force majeure to some of its buyers due to Transnet (Transport Company) closing the iron ore export channel railway as a result of structural damage to railway line owing to truck collision.
An Assmang lump supplier shared with SteelMint “We are not taking fresh booking to ascertain ramification of recent force majeure declared by Transnet. We may book for January'19 loadings depending upon the logistics situations.”
South Africa iron ore export shipments up in Nov'18
South African lumps export shipments to India witnessed sharp rise for the month of Nov'18 at 0.4 MnT, up around four folds as against being 0.11 MnT in Oct'18. Post resumption at Saldanha port in Oct'18, the port depicted sharp rise in Nov'18 exports for the month at 4.9 MnT, up 43% as against being 3.4 MnT in Oct'18.
Jindal SAW reduces pellet offers
West India based pellet maker - Jindal SAW has lowered pellet offers by Rs 900/MT in last two weeks to INR 8,300/MT, delivered Kandla for Fe 63% grade against the last assessment at INR 9,200/MT. Amid dull buying interest prices have moved down.
Although no offers for South African lump was heard but assessment stands at around USD 85/MT, CFR Kandla.
Indian iron ore imports increase in Nov'18
Indian iron ore imports in Nov'18 recorded at 1.11 MnT, according to the data maintained with SteelMint. On monthly basis, imports witnessed rise of 8% as against 1.02 MnT in Oct'18. On yearly basis, imports depicted significant rise by 63% as compared to Nov'17 imports at 0.68 MnT.
source: SteelMint
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