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Mineweb reported that around 12 million tonnes of low-grade iron ore has been stranded at Indian ports for months as high export taxes and dropping prices have made higher-quality ore more attractive to the buyers.
Mineweb reported that around 12 million tonnes of low-grade iron ore has been stranded at Indian ports for months as high export taxes and dropping prices have made higher-quality ore more attractive to the buyers.
As quoted in the market news:
The stranded ore is bad news for Indian miners and exporters who are smarting from a 30-percent duty on iron ore exports, and comes as a handful of large international miners are bent on maximising output to push out smaller rivals.
K. Chaki, honorary secretary of the Iron Ore Exporters’ Association, stated:
For many of us, it’s a case of blocked capital. We are on the brink of sinking.