The spot export prices of Indian iron ore have slumped by nearly $10 as Chinese buyers are reluctant to pay a higher price for the mineral, which could deplete the bottomline of the cash-rich ore exporters. | |
| "Indian iron ore spot export prices for 63.5 Fe fines, which early this month touched $200 a tonne CFR (cost and freight) in main China port have fallen back to $185-190 a tonne CFR levels after meeting resistance from buyers," the Metal Bulletin reported. |
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| It said some Indian exporters were concerned that global spot prices may dip further. They cited Rio Tinto's announcement offering 15 million tonne of ore in the spot market this year. |
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| "But restrictions on ore exports may help sustain current price levels. Goan exporters are likely to lose 8 million tonne of production if the Supreme Court refuses to allow 24 mines, which have been closed on various environmental grounds, to reopen," the report said. |
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| Moreover, exports of Indian ore could be restricted further by a probe into the granting of mining leases by the Karnataka government's anti-corruption ombudsman, the Bulletin said. |
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