Iron ore exports rise on higher China demand

Iron ore exports rise on higher China demand
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First Published: Wed, Feb 18 2009. 10 54 PM IST
Updated: Wed, Feb 18 2009. 10 54 PM IST
Mumbai: The country’s iron ore exports in January rose for the second straight month as China, the world’s largest consumer of the steel making raw material, increased purchases.
Shipments rose to 13.9 million tonnes (mt) from 11.5mt a year earlier, the Federation of Indian Mineral Industries, a group of iron ore miners, said in a statement on Wednesday.
Shipments in the 10 months ended January fell 1.5%, it said.
China’s plan to spend 4 trillion yuan ($586 billion) on housing, railroads and other infrastructure projects is reviving demand for steel in the country. China purchases most of its iron ore for immediate delivery from India.
The smaller units in China are buying iron ore on expectation of a rebound in steel demand, P.K. Mukherjee, managing director at the nation’s biggest iron ore exporter Sesa Goa Ltd, said on Wednesday in a telephone interview. Also, companies are buying as stockpiles have fallen.
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First Published: Wed, Feb 18 2009. 10 54 PM IST