Iron ore exports from the western Indian state of Goa during the October-November period this year, or since mining operations restarted after the break for the monsoon season are estimated at 2.48 million mt, down almost 75 percent over the corresponding months of the previous year, sources said citing the preliminary Goa government data.
The sources said that the primary reasons for exports not taking off in the new mining season is that fewer numbers of mines resumed operations at end of the rainy season and there are virtually no international buyers for low grade iron ore fines - with Fe content of 58 percent and lower - which constitute most of iron ore production in the western Indian coastal state.
They said that the recent surge in the international price of iron ore above the $70/mt CFR China mark did not result in any impact on low grade ore and international buyers are reluctant to buy low grade ore particularly in view of restrictions imposed on production and pollution for Chinese steel mills.