South Africa Iron Ore Export Shipments to India Remain Nil in July’19
As per bulk vessel line up data maintained with SteelMint, South Africa iron ore export shipments to India dropped to nil in July’19 as compared to 53,000 MT in June’19. The drop is attributed to availability of comparatively less expensive domestic pellets. Major buyers from west India and south India have shifted to pellets. Jindal SAW pellet prices are assessed at INR 8,300/MT, delivered Kandla.
According to market sources report to SteelMint, assessment for South African lump to India is heard at around USD 135-137/MT, CNF Kandla as against USD 140-141/MT, CNF Kandla towards mid of last month. The offers for imported South African lumps to India have dropped over the time amid fall in global iron ore prices. However, as per market participants report, the prices for lumps are still unviable hence, booking for lumps remain on lower side.
The spot iron ore fines (Fe 62%) index price picked up to USD 126/MT, CFR China towards early July, fell to USD 121/MT, CFR China towards mid July and dropped to USD 113.90/MT, CFR China yesterday (1st Aug).
South African export shipments of iron ore in July’19 witnessed at 4.97 MnT, up 8% as against 4.60 MnT in June’19.
South Africa iron ore exports to China down 48% in July’19
As per data maintained with SteelMint, South Africa’s total iron ore exports to China for the month witnessed at 1.39 MnT as compared to 2.69 MnT in June’19.
Imports by Chinese mills fell for the quarter amid reduced demand and preference for pellets. Steel making hub of China-Tangshan announced steel & sintering production cuts of 20-50% until 1st Aug to curb air pollution. Later, the dates for production curbs extended by two months from Aug’19 to Oct’19 paving way for further drop in demand.
South African exports to Japan, Spain and Korea picked up significantly to 0.68 MnT, 0.48 MnT and at 0.35 MnT respectively.
source: SteelMint
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