Thursday June 12, 01:36 PM
Indian iron ore price drops on lower China shipment |
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MUMBAI (Reuters) - India's iron ore prices have dropped 8-11 percent due to a rise in stockpile at Chinese ports and slowdown in demand, the head of a trade body said on Thursday.
"There is a demand, but the interest for Indian cargo has been weak," Rahul Baldota, president of Federation of Indian Mineral Industries told Reuters.
China is the main market for India's iron ore exporters such as Sesa Goa Ltd.
The export price of ore has dropped by $10-$15 a tonne to $115-120 in the past month and a half, Baldota said.
"Australian cargo is available in the spot market. Secondly, stocks are lying at various ports in China and prices were also very high, which cumulatively led to this," he said.
Stockpiles of imported ore at Chinese ports had hit an all-time high of nearly 80 million tonne last month.
(Reporting by Arpan Mukherjee)
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