Bloomberg reported that India’s iron ore exports in November increased from the previous month as China, the world’s biggest buyer of the steelmaking raw material increased purchases.
As per Federation of Indian Mineral Industries report, November shipments were 8.74 million tonne as compared with 4.14 million tonne in October 2008 but down from 10.16 million tonnes in November 2007.
Mr RK Sharma secretary general of FIMI said that Chinese mills are buying more from India because they want suppliers such as BHP Billiton Ltd and Rio Tinto Group to cut prices. He said that “This is a way of putting pressure on Rio and BHP.”
Source : Bloomberg