Tuesday 24 December 2024 - 21:50

Date: 04 November 2019 , 14:46

News ID: 7342

NEWS SERVICE: MINES and MINERALS

Indian Iron Ore Exports Up 53% in Oct’19 on Increase in Shipments to China

Indian iron ore exports have recorded sharp increase in Oct’19. The exports were witnessed at 1.74 MnT, up 53% M-o-M as against Sep’19 exports at 1.14 MnT. On yearly basis, the exports have depicted a significant rise as compared to Oct’18 at 0.42 MnT.

Indian iron ore exports volume in FY20 (Apr-Oct'19) witnessed at 12.41 MnT as against 3 MnT in FY19 (Apr-Oct).

Reason behind the significant iron ore exports hike in Oct’19
1. Global supply tightness: Indian iron ore exports picked up amid reduced guidance at world’s largest iron ore mine. Vale reduced iron ore and pellet sales guidance for the year 2019. The miner towards Oct’19 revised the guidance to lower and midpoint of the range 307-332 MnT as against being towards the midpoint of the range.

2. China iron ore imports increased sharply from India: China continued to be the largest importer of Indian iron ore for the month of Oct’19 at 1.50 MnT, up 48% as against 1.01 MnT in Sep’19. Japan stood second-largest importer at 0.12 MnT followed by UAE at 0.06 MnT.

Rungta continued to be India's largest iron ore exporter
Rungta mines stood the largest iron ore exporter in Oct’19 at 0.49 MnT, up 65% as against 0.30 MnT in Sep’19. SM Niryat stood second largest exporter and its exports doubled M-o-M to 0.40 MnT, followed by Essel mining at 0.17 MnT, stable M-o-M.

A pellet export shipment vessel was noticed from Goa to China last month carrying 56,900 MT iron ore, as per data maintained with SteelMint.

Iron ore exports from Paradip port up M-o-M
In Oct’19, Paradip port stood the largest exporter of Indian iron ore at 0.94 MnT, up 54% as compared to 0.61 MnT last month. Vizag port stood second largest at 0.24 MnT, followed by Gopalpur at 0.22 MnT and Haldia at 0.16 MnT.