South Africa: Iron Ore Export Shipments to India Continue to Remain Nil
As per bulk vessel line up data maintained with SteelMint, South Africa iron ore export shipments to India continued to remain nil for second consecutive month in Aug’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 8,000/MT, delivered Kandla.
According to market sources report to SteelMint, assessment for South African lump to India is heard at around USD 95-100/MT, CNF Kandla as against USD 135-137/MT, CNF Kandla towards beginning 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, booking remain on lower side. As per market participants, South African Saldanha port will undergo maintenance shut towards Oct’19 and hence, booking are expected for Nov’19 deliveries post resumption at Saldanha port.
The spot iron ore fines (Fe 62%) index dropped to USD 91.95/MT, CFR China assessed on 9th Sep’19 as against USD 113.90/MT, CFR China towards early Aug’19.
South African export shipments of iron ore in Aug’19 witnessed at 5.21 MnT, up 5% as against 4.97 MnT in July’19.
South Africa iron ore exports to China down 28% in Aug’19
As per the data maintained with SteelMint, South Africa’s total iron ore exports to China for the month witnessed at 2.18 MnT as compared to 3.04 MnT in July’19. The exports dropped to China amid Chinese preference of domestic pellet and concentrate due to thin steel margins. Also, the extension of production curbs by two months from Aug’19 to Oct’19 paved way for further drop in demand.
South African exports to Korea, Netherland and Denmark picked up significantly to 0.66 MnT, 0.56 MnT and at 0.27 MnT respectively.
South Africa Iron Ore Export shipment line up
source: SteelMint
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