Financial Daily from THE HINDU group of publications
Tuesday, Aug 02, 2005
Financial Daily from THE HINDU group of publications Tuesday, Aug 02, 2005 |
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Agri-Biz & Commodities
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Minerals India's share down in iron ore market G. Chandrashekhar
Latest data on Chinese iron ore imports show remarkable exports from Australia during the first half of the current year, while Indian exports have been somewhat sluggish. China's iron imports increased by a third during January-June 2005 to 131.24 million tonnes (mt), up from 97.77 mt during the same period in 2004. Exports from Australia swelled to 52.5 mt from 32.7 mt , reflecting an increase in market share to 40 per cent from 33.4 per cent last year. India's iron ore exports to China increased to 37.04 mt during the period from 26.18 mt in the first half of last year, disclosing a marginal gain of Chinese market share to 28.2 per cent from 26.8 per cent. While Australia is believed to have diverted a part of the material meant for the Japanese market to take advantage of higher spot prices, Indian export rose massively in the early part of 2005, but in recent months have started to fall. "This in part probably reflects the impact of the licensing system introduced in China from May 1 and the scramble to deliver as much material before that date," commented Mr Jim Lennon of Macquarie Research Commodities adding that it also appeared that better quality Australian supplies may be squeezing out higher priced inferior quality Indian material.
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