Dow Jones reported that Indian miners have been forced to revise iron ore export contracts for at least 1 million tonnes as prices have collapsed off the highs hit earlier 2008.
As per report, Indian miners, who exported 104 million tonnes of low and medium grade ore in the financial year to March 31st 2008, are being squeezed between slowing demand and huge stocks in their biggest market, China.
Mr Rahul Baldota President of the Federation of Indian Mineral Industries said that "Many people have been forced to revise contracts. Contracts covering at least 1 million tonne of iron ore exports have been affected in the last couple of months.”
Conditions in China have contributed to a sharp fall in India's iron ore exports since August and the price of medium grade ore with 63% Fe content has plunged to USD 52 per tonne down by 64% from highs of about USD 145 per tonne earlier 2008.
India's iron ore exports slumped by 50% in October to 4.2 million tonne from 8.4 million a year earlier, while exports since the beginning of the financial year on April 1st have down by 12.64% from same period a year earlier to 42.1 million.
Source : Steelguru