Slide in iron ore prices to hurt exports from India, further slump seen

After hitting a five-year high of $121 a tonne in July, spot iron ore prices tanked to $93

Global iron ore prices entering the bearish zone has spelt bad tidings for Indian exports. After rocketing to a five-year high of $121 per tonne in July, spot iron ore prices plummeting to $93, causing panic among the country's iron  ore exporters.

With forecasts of a further slump, exports will anything but gain. Exports of iron ore had gained traction since the tailing dam burst at Vale's key mine in Brazil earlier in January spooked supplies, triggering a sharp escalation in prices. Shipments of lower grade material from India surged as China's steel mills showed greater appetite for sourcing iron ore