Find below the iron ore price table for August 21, 2013:
In news today, it appears India iron ore is set to return to international markets. From TOI:
Chief minister ManoharParrikar on Tuesday said that suspension orders on 24 to 30 mining leases would be lifted soon. He also clarified that lifting the suspension will not lead to an immediate resumption of mining activities, as the matter has to be decided by the Supreme Court.
The government had suspended mining activities in Goa on September 10, 2012, following the submission of the Shah commission report in Parliament that highlighted illegal mining in the state.
Political observers said the move appears to be a way of sending a message to restless mining stakeholders that the government is paving the way for resumption of mining operations in the state.
This is roughly a third of Goan output. But the state itself is India’s largest exporter, previously at about 50 million tonnes per annum. The Indian own-goal in iron ore over the past two years has been something to behold and as it scrambles for foreign currency in a current account crisis we will surely see more approvals of this nature over the next twelve months.
It seems unlikely we’ll see a return to the heady days of 100 plus tonnes of export but half that would still be worth $20 to the spot price and Indian ore is cheap, on the cost curve at around $50.
