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Indian iron ore export shipments continue to remain high on active Chinese buying

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Fines/Lumps

BigMint Bureau

1074 Reads

7 Sep 2020, 17:58 IST

Indian iron ore export shipments continue to remain high on active Chinese buying

Indian iron ore export shipments increased to 3.86 mn t in Aug'20, according to vessel line up data maintained with SteelMint. The exports were up compared to 3.80 mn t in July'20. The exports picked on rising Chinese demand and increase in export prices following global hike. Chinese market continued investment in infrastructure pushed the Chinese imports of raw material from India for the month of Aug'20.

Besides, the average global iron ore fines (Fe 62%) index increased to $122/t, CNF China in Aug'20 as against $107/t, CNF China in July'20 amid Australian medium grade fines availability constraints. Indian low grade fines export prices moved up from $72/t, CFR China in July'20 to $ 81/t CFR China in Aug'20.

On yearly basis, Indian iron ore export shipments increased 76% as against 2.20 mn t in Aug'19.

Indian iron ore export shipments to China move up
China continued to remain the largest importer of Indian iron ore for the month of Aug'20 contributing 96% of total Indian export shipments of the month at 3.72 mn t against 3.65 mn t in July'20. Exports to Japan stood at 0.14 mn t.

Rungta mines continues to remain largest exporter
Rungta Mines was the largest iron ore exporter, with overseas sales down by 5% m-o-m in Aug'20 at 0.96 mn t. SM Niryat was the second-largest exporter at 0.52 mn t (down 29% m-o-m), followed by KAI International at 0.31 MnT and Bagadiya Brothers at 0.21 mn t.

Company-wise Indian iron ore exports: Aug'20 v/s July'20

Qty in mn t, Provisional data,
Source: SteelMint Research, Customs

Port wise Indian iron ore exports
In Aug'20, Paradip port shipped the most iron ore at 1.48 mn t, up by 11% from 1.34 mn t in July'20. Vizag port came in second at 0.91 mn t, followed by Gopalpur at 0.63 mn t.

Outlook - With few Odisha miners having limited stocks with them have remained less active in the export market in the last two weeks, due to production cut amid monsoons. This may slightly lower export volumes in the coming month.