New Delhi: The chairman of MMTC, the largest state-run trading firm dealing with iron ore, said export prospects for the mineral appeared bleak, with hardly any buyers on the horizon.
“The spot prices from India have fallen by 50% to $75 per tonne from $150 in December 2007, but still there are no buyers,” Sanjiv Batra said. “China has slowed down considerably.”
China is India’s biggest buyer of its annual iron ore exports of about 100 million tonnes.
Iron ore exports in September alone fell 44% to about 3 million tonnes, from a year earlier, Batra added.
India’s iron ore industry has already asked the government to remove a 15% duty on exports because of falling demand from China.
The levy was imposed in June after the steel industry said iron ore exports should be discouraged to ensure enough raw material for the domestic firms.