Tonnes of Iron Ore Stuck at Indian Ports

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.

Click here for the full Mineweb report