Iron ore exporters of Goa are worried about plunged prices and uncertain market as they prepare to enter new season this month.
"We expect a very bad season ahead. The ore prices have come down from 115 dollars per ton to 61 dollars per ton in last three weeks," Director, Salgaoncar mining industry, Sameer Salgaoncar told PTI today.
Goa, India's hub of Iron ore export, will usher into a new season on September 15, as the monsoon is clearing off from the coastal state.
Wary of strong Australian presence in China market, the Goan exporters who supply around 33 million tones iron ore annually fears massive slump in the pricing and also the export figures to go down.
"Compared to giants in Australia, the Goan exporters are relatively weak. We will have to withstand the competition which will translate into reduced prices," Salgaoncar said.
According to Goa Mineral Ore exporters association (GMOAE) the reduction in the incentives offered by China to steel firms will translate into decreased pricing of the ore.
Australia and Brazil are in the competition with India, which means the rates would be more competitive now. Australia is a threat but we need to face it, GMOEA director, S Sridhar said.
Source: Samay Live
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