ET Bureau reported that as per the joint study conducted by Minerals and Metals Trading Corp, Goa Mineral Ore Exporters Association and Kudremukh Iron Ore Co, India’s iron ore exports jumped 21.53% to 13.9 million tonnes in January 2009 as against 11.5 million tonnes in January 2008.
The report added that rupee depreciation has helped iron ore exports in last few months but the trend may not be sustained in March.
The report also quoted Dr AS Firoz as saying that “Iron ore FOB prices had fallen to USD 60 to USD 65 per tonne in December which made Indian ore attractive. Chinese steel makers bought iron ore in bulk, which is showing in higher iron ore export figures. However, demand for iron ore will be bleak for some time as Chinese steel makers are sitting on huge stocks.”
Mr Rahul Baldota president of Federation of Indian Mining Industry also anticipates a fall in exports in March. Hesaidthat “We do not foresee a sharp increase in demand of iron ore from China at least for a few months. Iron ore exports started moving southward from Februar -end and will continue to fall in March as well.”
Source : ET