Indian Iron Ore Exports Up 19% in July’19

Indian iron ore export volumes for July’19 stood at 2.13 MnT, up 19% as against 1.79 MnT in June’19. On yearly basis, exports increased significantly compared to July’18 at 0.17 MnT.

Indian iron ore exports picked up for the month amid high global prices in Jun-Jul’19. Monthly average global iron ore fines (Fe 62%) index price witnessed hike to USD 120/MT, CFR China in July’19 as against USD 108/MT, CFR China in June’19. The prices for the month were hovering five years high levels at USD 126/MT, CFR China towards early July.

Rungta turned out to be India's largest iron ore exporter

Rungta stood largest iron ore exporter in July’19 at 0.33 MnT, up 12% as against 0.29 MnT in June’19. SM Niryat stood second largest exporter and its exports dropped 44% to 0.31 MnT. MMTC exports picked up sharply to 0.30 MnT.

India iron ore exports to China fell marginally

China continued to be the largest importer of Indian iron ore for the month at 1.65 MnT, down marginally due to thin steel margins as against 1.71 MnT in June’19. Japan stood second largest importer at 0.22 MnT followed by South Korea at 0.08 MnT.

Exports from Paradip port up in July’19

In July’19, Paradip port stood the largest exporter of Indian iron ore at 0.80 MnT, up as compared to 0.79 MnT in last month. Vizag port stood second largest at 0.46 MnT, followed by Haldia at 0.31 MnT and Gangavaram at 0.20 MnT.

Outlook: As per SteelMint analysis, recent fall in global iron ore prices, sluggish buying interest and falling Chinese currency to sensitive level amid US tariff may restrict Indian iron ore exports.