Australia emerges as largest exporter of Iron ore to India

Australia was the largest exporter of iron ore to India in the 2017-18 fiscal year ended 31 March after being a marginal supplier for the past several years. Australia replaced South Africa and Brazil as the major suppliers to India. Australia exported 2.86mn tonnes of iron ore in 2017-18, around 33pc of total Indian imports,
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Steel and iron ore futures in China extended losses on Wednesday, still pressured by worries over a widening trade spat between Beijing and Washington, although losses were more modest compared with the previous session’s slide. Slower construction demand in China, the world’s top steel consumer and producer, also weighed on steel prices, with iron ore
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Chinese iron ore futures dropped nearly 1 percent on Monday as steel prices retreated and stockpiles of the steelmaking raw material at China’s ports surged to record levels. Iron ore stocked at China’s major ports reached 161.98 million tonnes on Friday, up 1.4 million tonnes from the previous week, data tracked by SteelHome consultancy showed.
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The seaborne iron ore market appears to be in something of a sweet spot currently, with largely steady demand and prices that have been flat lining for the past couple of months. Of course, another way of saying that a market is enjoying relatively stable and good times is that it’s boring, but in iron
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NEW DELHI: The Union Cabinet Chaired by Prime Minister Shri Narendra Modi has approved the renewal of Long Term Agreements (LTAs) for supply of iron ore (lumps and fines) of grade +64% Fe content to Japanese Steel Mills (JSMs) and POSCO, South Korea for another five years (i.e. 1.4.2018 upto 31.3.2023) through MMTC Limited. The
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Mining giant BHP has cut its fiscal 2017-2018 (July-June) iron ore production guidance due to unplanned maintenance and issues with car dumper availability, the company said Thursday. In the January-March quarter, the miner produced 57.69 million mt of iron ore, up 8% year on year but down 6% from the previous quarter, it said in
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Chinese iron ore futures soared nearly 7 percent on Thursday, hitting their highest in almost one month, amid expectations that a move by China’s central bank to reduce the amount of cash lenders keep as reserves would help spur steel demand. But some traders also say speculative trading activity may be behind the price surge,
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Inventory of iron ore is going up at mine heads with the lack of enough demand to absorb lower grade fines and downtrend seen in exports. At the end of 2016-17, 148.66 million tonnes of iron ore had accumulated at the mine pit heads and the figure is estimated to breach 150 million tonnes by
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