China reduces Indian iron ore imports

China reduces Indian iron ore imports

Imports of Indian iron ore to China decreased 20% month on month in April, while imports from Australia and Brazil picked up, according to ABN Amro. Restrictions imposed by Beijing and the increase in the spot market price of Indian iron ore are blamed for the decline in imports. According to ABN Amro, the prices of Indian ore fell around $20 from April to 70-75$/mt at the beginning of May in Chinese markets. The drop-off in exports to China is not necessarily troubling news for India. Many Indian producers have been calling for a curtailment in iron ore exports so that more of the raw material would be available for domestic steelmakers.