India Adds 5% Duty on Iron Ore Exports; LME Steel Billet Improves

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Looks as though India has “imposed a 5 percent duty on exports of iron ore pellets, taking yet another step in conserving the raw material for domestic steelmakers that has slashed its shipments to top market China,” reports Reuters.

“India already levies a 30 percent tax on exports of iron ore fines and lumps since December 2011. Along with mining and export curbs in key producing states Karnataka and Goa aimed at addressing illegal mining, the tariffs have helped cut India’s iron ore exports by around 85 percent, or 100 million tonnes, over the past two years.”

“Iron ore pellets had been exempted from any duty previously given negligible exports out of India.”

In metal price news for steel…

Strengthening prices ended a two-day flat streak as the steel billet cash price moved up by 4.3 percent on Monday, January 27 on the LME to $365.00 per metric ton. The 3-month price of steel billet rose by 1.4 percent on the LME to $360.00 per metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese steel prices closed flat for the day. The price of iron ore 58% fines from India were range bound. The price of Chinese HRC showed little movement yesterday. Chinese coking coal held its value yesterday.

The US HRC futures contract 3-month price continues hovering around $629.00 per short ton for the fifth day in a row. The US HRC futures contract spot price remained essentially flat at $672.00 per short ton.