Goan iron ore exports to China rise 76.6 pct

7 December 2006

Goa, India, 07 Dec – Iron exports from the Indian state of Goa to China rose 76.6 percent to US$8.07 million tons from April to October, an export association director said in Goa Tuesday.

“Exports increased due to increased steel production in China,” said the director of the Goa Association of Iron Ore Exporters.

He added that the Chinese buyers also wanted iron ore from India due to the higher transport costs of the iron ore sold by Brazilian companies.

Most iron ore exports are sold on the spot market, in which prices are usually higher than when they are sold as futures contracts.

In 2005, India exported 90 million tons of iron ore, 70 million of which went to China. (macauhub)