Iron ore export slumps with fall in global prices

Spot iron-ore prices have slumped to $55 a tonne, from a recent peak of $94.5 a tonne in late Feb

Iron ore exports from India were down 53 per cent in the past two months as China, a major consumer, took better quality ore from Australia to feed its integrated steel plants, taking advantage of a slump in global prices.

Macquarie Research says after a surge in iron ore export to 49 million tonnes (mt) in March, these slumped to 23 mt in May. With seaborne ore prices down 40 per cent from the peak in late February, the Indian high-cost export is fading away. Shipments from Goa have become unviable and volumes from the east coast have started diverting to