Daily iron ore price update (India support?)

Posted by Houses and Holes in Commodities , Iron ore price on July 31, 2013 | 2 comments

Find below the iron ore price table for July 30, 2013:

Rebar futures were flat.

News today is all about India where some support for future prices may be found. From WSJ :

India, a leading iron-ore exporter just a few years ago, will see its imports of the key raw material jump as much as eightfold during the current financial year due to domestic mining restrictions, the Federation of Indian Mineral Industries said Tuesday.

India’s imports of iron ore, a key ingredient in steel, are likely to reach 20 million-24 million metric tons this year, up from around 3 million tons during the year that ended March 31, FIMI said.

…India’s iron-ore exports are likely to fall to around 10 million tons this year from 18.37 million tons in the previous financial year, FIMI Secretary-General R.K Sharma said.

He said iron-ore production is likely to fall to around a 100 million tons from 115 million tons in 2012-13.

I still think that eventually India will sort this out and return as an exporter but for now it’s a point of good news for miners. Remember how fortunate we’ve been here. Had it not been for this unexpected move by India iron ore would have been $20 lower all year.