India's iron ore exports sharply increase
As the demand for iron ore from China recovered, India’s iron and ore exports started to increase in December 2008. India’s iron and ore exports began to decline since May 2008 because of China’s low demand with full inventory of iron and ore. But at the end of 2008, the steel market got steady; some steel mills began to speed up the production and some recovered production.
As a result, the demand for iron ore rose since November 2008. In October 2008, India's iron ore exports to China dropped by about 51 percent year-on-year, to a minimum of 4.14 million tons. Its exports volume from April to October fell by 12 percent. But in November, its export volume of iron ore recovered to 8.74 million tons, export prices also gradually got higher from the bottom.
Indian government to abolish the powder ore export tax and cut pieces of ore export tax on exports also has a boost effect on the increase.
No comments:
Post a Comment