India’s iron ore exports to China were once prosperous, but due to the inhibitory effect of the Indian government’s export tariff measures, it is now slowing down. The manuscript is collated by China National Chemical Network. The move by the government may cause Indian iron ore producers to face a backlog of raw materials because Chinese buyers will turn their sights to relatively low-priced Australian and Brazilian iron ore. "There are buyers, but they buy very little. They are very cautious," said Rahul N Baldota, deputy chairman of the Indian Mining Association. China originally included nearly two-thirds of Indian iron ore exports. After the Indian government announced in this year’s federal budget case that it imposed an export tariff of Rs 300 per tonne or US$ 7.21, orders from China are declining. China still imports a small amount from India. Due to the congestion in the port, the price of international mid-level iron ore has risen by 8 US dollars to reach 65 US dollars per ton. There is price pressure from Australian imports. In contrast, India's iron ore prices have so far remained competitive despite the imposition of new export tariffs. However, traders and analysts believe that international iron ore prices are expected to fall quickly. The current export FOB price in India is about 60 US dollars per ton. "Australian port congestion is only a temporary phenomenon. The signs are that this situation will soon pass and international prices will fall again. India's export advantage may be lost," Baldota said. In March this year, China imported 9.84 million tons of iron ore from India, setting a record high, because most of the imports were finalized before the introduction of tariff measures. However, imports in April may be reduced by half from March. A person from the China Minmetals Chemicals Import & Export Chamber of Commerce stated that China does not currently have a smelter that has signed a new import contract with India. Sidharth Rungta, president of Rungta Mines in India, said that although international iron ore prices are currently at a high level, he is not bullish in the longer term because Brazil and Australia are both expanding capacity.
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