Indian Oct iron ore exports double on Chinese buying

Indian Oct iron ore exports double on Chinese buying

Mumbai: Indian iron ore exports more than doubled in October from a year earlier and a large miner said a pick up in Chinese demand should help sales in the coming months.

Exports in October jumped to 9.325 million tonnes from 4.26 million tonnes a year ago, data from the Federation of Indian Mineral Industries showed on Thursday.

Iron ore exports in the first seven months of the current financial year that ends in March were 53.225 million tonnes, up 21% from 44.06 million tonnes in the same period a year ago, it showed.

Shivanand Salgaocar, managing director of large miner and exporter V.M. Salgaocar & Brother Pvt Ltd in the western state of Goa, said higher buying by China was helping sales.

China is the biggest buyer of Indian iron ore.

“There is good demand for ores from Goa and a lot of low grade ores are selling. The trend will absolutely continue to be the same," he said.

India is the world’s third-largest iron ore exporter. Sales in 2008/09 were 106 million tonnes, with Goa contributing more than 40%.