indian iron ore monthly report for june 2014

8/12/2019 Indian Iron ore Monthly Report For June 2014

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Summary

Post the unexpected price hike in the last two weeks of May 2014, the early part of June

saw the prices holding firm until rains started to interfere. With the onset of rains and al-

most completed restocking, the steel prices started to relax while iron ore kept flourishing

amidst thin buying.

The increase in the domestic iron ore prices didnt upset many local buyer but definitely the

impact was brutal on the southern and south western buyers like JSW, KIOCL and Sona

Alloys etc who started to plan for alternate sources.

Steel prices dipped towards mid-June as anticipated sales went down and billet and ingot

producers in the eastern region went for healthy discounting giving some support to the low

sales. By the end of the month, the prices were again back gaining upto 50 percent of the

lost premium and settling at an overall discount of 50 percent to the hiked levels of end-

May. The hike in the freight levels added to the increase.

On the contrary, the situation in the northern markets was different. Power cuts and high

freight rates towards the month end, aggravated the situation and prices in this particular

area saw a further increase over the end-May levels.

Iron ore pellet prices remained on the higher side but the INR 9000 levels became dormant

and new levels of INR 7600-8000 per ton were visible across the eastern markets. In thesouthern sector INR 7300 per ton became prevalent.

The inventory situation at various steel units across the eastern sector improved considera-

bly by mid-June and the units were holding nearly 40 days of stock with them. The working

mines were producing at a rate of nearly 80-85 percent in June giving the much required

support. The expectations from the new government are yet to take shape and with each

progressing day, the market is building up on future developments across the country.

There were no e-auctions in Goa while the Karnataka auctions saw a 31 percent selling

rate with a better sale quantity witnessed in June. There were some new buyers this month

from Maharashtra, Andhra Pradesh & Gujarat participating in the auctions. Fines kept the

dominant share while lumps slipped below ROM sales.

In terms of exports, June had a very silent show. Total iron ore exports from India in the

month were 0.277 million tons with imports of nearly 45000 tons. Indias iron ore stockpiles

in China slipped below 1 percent of the total available stockpiles at major Chinese ports.

Although the average for June remained at 1 percent of 115.3 million tons.

Iron Ore : Monthly

June 2014Summarization

TM

Global Iron Ore & Steel Research House

www.OreTeam.com

Content -

Summary Pg 1

Domestic iron ore brief Pg 2-6

Karnataka e-auctions Pg 7

Policy & developments Pg 10-13

Indian steel markets Pg 14-16

Indian iron ore trade Pg 17-18

Indian iron ore production Pg 19

Indian iron ore exports Pg 19

China Factor Pg 20-21

Tables -

Ktaka e-auctions Pg 7-8

Indian iron ore prices Pg 9

Non-Indian Transactions Pg 22-25

Indian Transactions Pg 26

Indian port stock position Pg 27-28

Railways Commodity Chart Pg 29

Orissa mine wise exports Pg 29

Prices settling after Mays mayhem. Freight hike creates some unrest

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Market Brief - Domestic Iron ore Demand, Supply & Pricing

Iron ore prices were unchanged through the month of June after the hike in May.

The working mines in Orissa and Jharkhand were producing at rates above 80 percent due to a

good demand in the market and to cover the absence of the closed mines.

The mine closures in May allowed the raw material prices to pick up to high levels which retained

the strength through the entire June.

The desperate buyers allowed the miners to hike their offers and even hold their sales in an antici-

pation of much better prices.

The anticipated imports due to the price hike in the domestic shape were beginning to reach India

with first major shipment expected in early July.

June saw only small cargoes arriving for Tata Steel Ltd.

By mid-June, most of the steel units including re-rolling and conversion had stocked had stocked up

enough cargoes to enter into a wait and watch situation. They were then expecting for the price

levels to dip in order to book new stocks.

Indias new governments first budget was another factor which kept the steel buying and demand at

lower levels. The budget expected in first week of July provided enough cushion to the market to

remain on the sidelines.

Meanwhile, the 50:50 iron ore sharing rule in Orissa is still in the hands of the High Court and a set-

tlement is expected sometime in mid-July.

Inspite of the iron ore mining ban and temporary closure of nearly 18 mines in the state, the iron ore

utilization dipped in the state. The total iron ore utilization fell by 4.48 percent for the month of June

with trade and exports share dramatically cutting down by 75 percent and 92 percent respectively.

In proportion, majority of the iron ore was being utilized in processing within the state, after which it

was being self consumed by involved companies.

Exports from Orissa completely disappeared and just 0.024 million tons were seen being exported

from the state miners in this month. The fall was recorded at 92 percent, biggest ever monthly drop

in the exports on monthly basis from the state.

Interesting the rise in the utilization from processing based industry came from the industries which

were outside the state and were utilizing Orissas iron ore. The self consumption basis was lower in

June as compared to May 2014. Self consumption within the state was at 2.08 million tons while that

with outside state went up to 2.53 million tons.

Eastern Region ::

Orissa

Chhattisgarh

Jharkhand

West Bengal

Price Trend & Production

2

Talks of imports

Wait n Watch situation

50:50 rule unsettled

Orissa -

Budget mystery

Iron ore Utilization

Scenario

Month Total Utilization Trade Processing Utilization in

Mineral BasedIndustries

For Exports

June 2014 5.33 0.11 0.63 4.58 0.024

May 2014 5.58 0.44 0.52 4.59 0.3

Change % -4.48% -75.00% 21.15% -0.22% -92.00%


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Production in Orissa witnessed a drop in the month of June as 18 mines were shut while others

couldnt ramp up enough. The demand from the steel segment wasnt bold either to absorb any

large production in this month due to the rainy season and struggling sales.

Total production for the month was noted to be below 4.2 million tons on a provision base in accor-

dance to the operating mines.

The total production volume for the month might have remained low but the miners in business pro-

duced good volumes and restricted sales in order to attain higher prices for their quantities.

On the higher end, the production went up to touch 85 percent while on the lower band the produc-

tion was seen rising to 45 percent in the month for the first time in the last 14 months, majorly in the

private sector alone.

May saw the earlier highs but the opening of the mines in June and upcoming rainy weather wit-

nessed another hike in the mining scenario.

The rail movement in the sector was equivalent to zero in the month as exporters who usually car-

ried iron ore by rakes were totally absent and the large domestic movers were not active either.

Road movement was active across the state and even between Orissa, West Bengal and Jhark-

hand. This lead to a good availability of rakes for iron ore movement.

In the domestic market, the movement was majorly by road likewise the last month as steel units

were engaged in buying smaller quantities and the freight rates through road were cheaper than rail

for ferrying iron ore.

Iron ore miners like Rungta, KJS and Indrani Patnaik started to serve their iron ore more to the do-

mestic market rather than looking at exports as the margins were seen rising in the domestic market

after the recent rail freight hike and decline in the global iron ore prices. A complete breakdown ofthe sales and costs involved is illustrated in the next page.

Orissa

Iron ore Production

Private miners production, in % terms in Orissa

The increase in the production by handful of large numbers against the stable production re-ported by others, indicates that the demand hasnt been strong enough and the present high

prices of iron ore may not sustain for long. Only if the steel demand picks up or more minesclose down, the prices could sustain their current levels.

4

Mining Scenario

Rail movement

Better margins in domestic

sales


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The Indian railways recent freight hike in June end by 6.5 percent has lead to the coal rakes from

the plant/siding to ports to go empty (without any load). Indian railways is moving empty rakes to the

ports to ferry coal from port to plants. Earlier the same rakes were used to move iron ore from mines

to ports and in return journey, coal used to come to the plants. Now after the hike, the rakes are

moving empty on one side causing a bigger loss to the railways. The exports have completely come

to a standstill after this freight hike which was also supported by a global meltdown of the iron ore

prices.

Compared to the 30% export duty, the railway freight on exports is a bigger problem for the export-

ers today. If the government doesnt reduce the export duty but only works on the export-based rail-

way freight then also the solutions can be drawn for the industry and losses can be reduced.

At the end, the exporters will be benefited by a maximum of Rs 1800 per ton (i.e. USD 30 per ton)

whereas there would be still a deficit of USD 10 per ton left in the realizations making the export

based transactions a tough ask.

Railways earned nearly Rs 9200 crores by transporting iron ore meant for exports in 2013-14 and

nearly Rs 40,000 crores by moving coal in the same period. In 2013-14, India exported 15.12 million

tons and imported nearly 171 million tons of coal.

In 2014-15, the export of iron ore mainly through railways (i.e. excluding the ore from Goa) is likely

to decline further to 7-8 million tons due to two reasonsfirst declining iron ore prices globally and

second high export duty and railway freight. Both these factors lead to a complete cut in the marginsof the exporters and hence it would be difficult to witness a larger usage of railway rakes to transport

ore meant for exports. At the same time, the coal imports are likely to hit 185 million tons and iron

ore imports will move upto 5-7 million tons.

The overall result of this railways will have to move more rakes from port to domestic plants and the

number of empty rakes from plants/sidings to ports will keep on diminishing. The solution could be

that either railways start moving some other commodities to make up for the empty movement or

reduce the freight on iron ore exports.

Orissa

Export Based Price

Breakdown

4

S.No A/C Head Rs Paid to

1. Material cost 1000 Mine Owner

2. Cess & Royalty 501 State Govt.

3. Railway Freight 2750 Railways (export purpose)

4. Rake Handling 500 Private

5. Av. Port Charges 60 Port Authority

6. Stevedoring exp. 200 Private

7. Finance cost 100 Bank/ Govt

8. Moisture Cost 640 Local Business

9. Shipping Cost. 750 Private

10. Export Duty (30%) 1800 Central Govt.

11. Total 8301

12. Exporter Margin (2421) (-) USD 40

How can the above table

values be changed to help

the exporters, shippers and

railways?

Current problem

Export duty vs Freight

Overall, exporters benefit if

export freight equals do-

mestic freight

Railways earnings in FY14

Expected earnings & move-

ment in 2014-15

More movement from ports

to inland will have heavy

burden on railways as iron

ore & coal imports would

increase.


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The raw material holding strength (RMHS) of majority sponge iron producers in Orissa increased

from nearly 30 days to 35 days towards the month end while in Chhattisgarh the same was stable at

45 days due to the upcoming rains and stable prices from NMDC.

The rise in the RMHS was mainly due to the uncertainty building up in the market where more mines

were fearing closure in the state of Jharkhand while the re-opening of the banned mines was being

delayed further with no hopes of early opening.

The mines which were to open by early-June were not expecting resolution till mid-July and the

question of better availability was straining the price in the market.

The sponge units were stocking up well for not just the problem times but also keeping in view the

monsoons coming up towards end-July.

The pellet usage ratio decreased slightly in the month after the hike in the pellet prices but the im-

pact wasnt felt much as only a handful of the sampled audience indicated the lesser use of pellets

against lumps.

The pellet prices were expected to bow down in the month due to the steep hike in May and the

opening of Essars pipeline connecting Paradip pellet plant to Dabuna beneficiation plant. There is a

good expectation of more pellets being available in the market once the production fully comes on-

stream.

Compared to Rs 7500 per ton average pellet price with a realization of nearly 80-85 percent, the

usage of lumps at Rs 6600 per ton was not favored equally in June.

Chhattisgarh and Jharkhand units were still purchasing pellets from Orissa units at the marked

prices inspite of good availability of lumps.

Units in Orissa were still holding onto their previous consuming ratios amidst a slowing production

trend.

The variance between lumps and pellets closed down to less than Rs 900 per ton towards June end

in the eastern markets while in the south the same was still floating at a balance of Rs 1700-2000

per ton, based on the e-auction prices.

Eastern Region ::

Orissa

Chhattisgarh

Jharkhand

West Bengal

Material Availability

EasternSector

Sponge Iron Producers(no of days of stockpile)

Lumps vs Pellets

Pellet to LumpUsage Ratio

(no of days of stockpile)

Moisture Level inIron ore

(in percentage)

Low High Low High Pellets Lumps Low High

Jan 15 25 14 21 80 20 8 10

Feb 18 30 18 25 85 15 7 10

Mar 21 35 14 21 80 20 7 9

Apr 28 35 10 18 70 30 7 9

May 30 40 20 30 70 30 7 9

Jun 35 42 28 35 65 35 8 10

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Lumps closing the distance

Stocking up picking up

Pellet Usage & Prices


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Karnataka Iron ore e-auction Facts

Facts from Karnataka Auctions

Detail MAY JUNE

Total Auctioned Material, (Vol & Value) 1,790,000 tons ~ Rs 5,519,336,000 2,016,000 tons ~ Rs 5,080,724,000

Fines 984,000 tons ~ Rs 2,692,076,000 1,088,000 tons ~ Rs 2,792,644,000

Lumps incl. CLO & Boulders 692,000 tons ~ Rs 2,609,020,000 384,000 tons ~ Rs 1,499,360,000

ROM incl. sub grade 114,000 tons ~ Rs 218,240,000 544,000 tons ~ Rs 788,720,000

Highest Buyer (by Volume) JSW Steel Ltd. 976,000 tons ~ Rs 3,060,992,000 JSW Steel Ltd. 916,000 tons ~ Rs 2,540,460,000

Highest Seller (by Volume) NMDC Donimalai ~ 540,000 tons NMDC Donimalai ~ 416,000 tons

Maximum Premium Paid on any cargoRs 1,610 per ton on floor price of Rs 350 by SLV SteelsAnd Alloys Private Limited on Low Grade Lumps (AIWI)

Rs 1,070 per ton on floor or Rs 1,320 by BMM Ispat for52% Fe fines

Maximum Volume on Sale (by grade) 60.5% Fe ~ 268,000 tons 60.5% Fe ~ 336,000 tons

Fines 268,000 tons 336,000 tons

Lumps - -

ROM - -

Highest Booking Price (by grade)

Fines (booking floor) 66%+ Fe, Rs 3,950 per ton Rs 3,950 per ton 66% Fe, Rs 3,800 per ton Rs 3,800 per ton

Lumps (booking floor) 66%+ Fe, Rs 4,950 per ton Rs 4,950 per ton 65% +/-1% Fe Rs 4,900 per ton Rs 4,900 per ton

ROM (booking floor) 54% Fe, Rs 1,720 per ton Rs 1,960 per ton 63% Fe, Rs 3,120 per ton Rs 3,120 per ton

E-auctions Summary Through June 2014

Auction No. Date Cargoes Offered Allocated Quantity Percentage Sold

1 2-Jun-14 956000 12000 1.26%

2 6-Jun-14 352000 108000 30.68%

3 6-Jun-14 228000 176000 77.19%

4 6-Jun-14 416000 416000 100.00%

5 12-Jun-14 584000 224000 38.36%

6 13-Jun-14 640000 416000 65.00%

7 13-Jun-14 172000 112000 65.12%

8 13-Jun-14 1008000 168000 16.67%

9 16-Jun-14 364000 32000 8.79%

10 20-Jun-14 164000 64000 39.02%

11 24-Jun-14 1040000 184000 17.69%

12 27-Jun-14 168000 48000 28.57%

13 30-Jun-14 384000 56000 14.58%

Total (June2014) 6476000 2016000 31.13%

May 2014 7846000 1790000 38.70%

Southern Region ::

Karnataka

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Iron ore prices - Across The Country

State Grade Spec Current Trading Levels (AVG) Mid Point (AVG) Current Premium Offers Transaction

% Fe Low, Rs/ton High, Rs/ton Rs/ton Rs/ton Levels

Orissa 60 5-18 mm 3300 3850 3575 - Moderate

Orissa 62 5-18 mm 4200 4750 4475 - -

Orissa 63 5-18 mm 5700 6250 5975 - Moderate

Orissa 64 5-18 mm 5800 6350 6075 - -

Orissa 62 10-30 mm 4000 4350 4175 - Good

Orissa 63 10-30 mm 5500 5850 5675 - -

Orissa 64 10-30 mm 5600 5950 5775 - Good

Orissa 61 Fines 2050 2350 2200 - -

Orissa 62 Fines 2200 2450 2325 - Moderate

Orissa 63 Fines 2300 2600 2450 - -

Orissa 63 Pellets 7300 7500 7400 - Moderate

Orissa 64 Pellets 7500 7800 7650 - Low

Orissa 62 Blue Dust 1600 1900 1750 - Good

Orissa 63 Blue Dust 1800 2100 1950 - Good

Madhya Pradesh 58 10-30 mm 3950 4550 4250 - Low

Madhya Pradesh 60 10-30 mm 4950 5550 5250 - Low

Madhya Pradesh 58 Fines 1700 2200 1950 - Low



Jharkhand 60 5-18 mm 4800 5300 5050 - Good

Jharkhand 61 5-18 mm 5100 5700 5400 - Moderate

Jharkhand 62 5-18 mm 5400 6000 5700 - -

Jharkhand 61 Fines 2300 2850 2575 - Low

Jharkhand 62 Fines 2600 3150 2875 - -

Jharkhand 63 Fines 2900 3450 3175 - Moderate

Chhattisgarh 62 Pellets 8700 8900 8800 - Moderate

Chhattisgarh 64 Pellets 9000 9400 9200 - Low

Andhra Pradesh 62 5-18 mm 6100 6750 6425 - Moderate

Andhra Pradesh 64 5-18 mm 7100 7750 7425 - Good

Karnataka 61 Pellets 7200 7400 7300 - Moderate

Karnataka 62 Pellets 7500 7700 7600 - Good

Karnataka 63 Pellets 7700 8000 7850 - Low

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Policy & Latest Developments by Date..

From Center::

13-Jun Mines Ministry floated a draft Cabinet note on increasing royalty on minerals like iron ore

and bauxite for inter-ministerial discussions. If approved by the Cabinet, the annual reve-

nue collection of mineral-bearing states would swell by about 41 percent to INR 13,270

crores.

The proposal seeks to raise the royalty rate on iron ore and chromite to 15 percent from

10 percent now. For bauxite, it wants the royalty to be hiked to 0.6 percent from 0.5 per-

cent now. There are also plans to hike the rate for manganese to 5 percent from 4.2 per-

cent. The rates of royalty, revised in every three years, for major minerals excluding coal,

lignite and sand for stowing were last revised in August, 2009.

17-Jun The Steel Ministry asked the Finance Ministry hold the iron ore export duty at 30% while

reduce the import duty from 5 percent to 0 percent sighting a 35 percent fall in the iron ore

output in the country.

Indicating the falling iron ore output burdening the steel industry, the steel ministry recom-

mended the export duty to be left at 30 percent.

20-Jun Indian government will soon come out with a new Mines Bill in consultation with all stake-

holders in place of the lapsed previous Bill, which provided sharing of 26 percent of the

profit with the miners.

Likely content and contour of a new MMDR Bill will find a prominent place as the MinesMinistry gives presentation to Prime Minister Mr. Narendra Modi.

Seeking to replace a more than half-a-century-old law, a new Mines and Mineral

(Development and Regulation) Bill, 2011 was tabled in the Lok Sabha by the UPA-II gov-

ernment in December 2011. But it could not be passed and thus stand lapsed now.

To fast track major the investment projects and impart transparency in clearance proce-

dures, the project monitoring group (PMG) under the cabinet secretariat has decided to

digitize all applications for clearances relating to forest, environment and others by March

2015.

Starting 1 July, all forest clearances for industry and infrastructure projects will go online,

to be followed by online environmental approvals from 1 September and clearances ex-

ploration of mines from 1 November, Union Additional Secretary and Central PMG Chair-

man Mr. Anil Swarup recently indicated.

New mining bill proposed

10

Draft Cabinet note on

royalty hike

Export duty to stay on iron

ore

PMG to fast track clear-

ances


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12

Goa::

30-Jun Hike in royalty rate on iron ore will doom the mining sector and make some reserves un-

viable, as per Goa Mineral Ore Exporters' Association. "Any enhancement of royalty rates

will have dire consequences on the industry apart from being detrimental to mineral con-

servation," Mr. Shivanand Salgaocar, President of GMOEA has said in a letter to Mines

Minister Mr. Narendra Singh Tomar.

30-Jun A leading mining workers union in Goa has demanded resumption of mining activities in

Goa to save the jobs of people employed on various mining leases. Some of the mine

owners have decided to terminate the services of permanent workers as they feel that the

mining operation will not resume in the near future, United Mine Workers Union General

Secretary Mr. Puti Gaonkar said in a letter to Chief Minister Mr. Manohar Parrikar.

16-Jun The state mines department has set an internal timeline to restart operation at 18 more

mines, which were closed by the Supreme Court order, pending second and third renewal

of their lease terms, by the end of July next as per reports.

16-Jun Iron ore production in Odisha rose 22 per cent in 2013-14 to reach 77.84 million tons

compared to 63 million tons (mnt) registered in FY 13.

The states iron ore output is also the best since 2009-10 when the ore production

touched its highest ever level of 80.896 ml tons but plummeted in the following years.

The states internal consumption of iron ore stood at 67.66 million tons for the year.

Major iron ore producers during 2013-14 included Serajuddin & Company (8.3 ml tons),Sarda Mines (7.02 ml tons), Rungta Mines (5.4 ml tons), Indrani Patnaik (3.88 ml tons),

Essel Mining & Industries Ltd (2.7 ml tons), Mid-East Integrated Steel (2.07 ml tons), Ar-

yan Mining & Trading Corporation (2.9 ml tons), Rungta Sons (2.63 ml tons) and Fee-

grade & Company Pvt Ltd (2.11 ml tons).

20-Jun Odisha state finance department projected 15 per cent rise in collection of mining revenue

in 2014-15 despite of the ongoing issues related to mining which saw a majority of the

steel and mines industry to come to a temporary pause for nearly 8-10 days.

The department projected to generate Rs 6,346.98 crore revenue from the mining sector,

higher than Rs 5,515 crore collected in the last year as per reports.

In 2013-14, the revenue collection from the mining sector had fallen by 3.11 per cent from

Rs 5,695.70 crore collected in the previous year despite higher output of iron ore. The

major reason for the drop being the low mineral prices.

23-Jun Odisha government indicated that there was no shortage of raw materials for industries in

the state. "Major mineral-based industries are not facing any raw material shortage in the

state," Odisha's Steel and Mines minister Mr. Prafulla Kumar Mallick said while replying to

an adjournment debate in the House.

Royalty hike threatening

Goan exports

Mining jobs under threat in

Goa

Orissa ::

Restart Mining

Iron ore production

Mining Revenue Increase

Iron ore shortage


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13

Orissa

30-Jun 11.68 million tons of steel was produced (other than captive use) and 77.84 million tons of

iron ore was produced in Odisha during 2013-14. The state industries required only

18.688 million tons of iron ore for the production of 11.68 million tons of steel, Mr. Mallick

said, adding that this indicated that there was no shortage of ore.

16-Jun Indias state-run pellet maker KIOCL Ltd sought Steel Ministers Mr. Narendra Singh

Tomar's assistance in areas such as capacity expansion and foray into new segments to

help rejuvenate the firm. In a recent meeting with the minister, company Managing Direc-

tor Mr. Malay Chatterjee "stressed upon specific issues connected to KIOCL" and sought

assistance for rejuvenation, the Bangalore-based PSU said in a statement recently.

16-Jun Pellet manufacturers have asked the government to scrap export duty on the steel-

making input, saying that sudden imposition of the levy has cast a shadow on INR 25,000

crores worth investments made by them to enhance capacity.

Pellet Manufacturers' Association of India (PMAI) in a meeting with the commerce ministry

has petitioned for removal of 5 percent export duty, imposed in January this year, claiming

that it was choking the industry and would stunt growth.

23-Jun As domestic iron ore output is on the wane, industry body Assocham today suggested theCommerce Ministry to prune import duty on the key steel-making input to nil and treble

levy on pellet exports to 15 percent.

"The drop in domestic iron ore production is forcing the steel industry to import iron ore

from international market. It is suggested that government may consider reducing import

duty on iron ore to zero from the currently levied 2.5 percent," Assocham said in a memo-

randum to Commerce Minister Ms. Nirmala Sitharaman.

18-Jun Federation of Indian Mineral Industries (FIMI) pitched for complete withdrawal of export

duty of iron ore, saying it would help achieve zero-waste mining.

"In order that the resources are fully utilized without detriment to the domestic steel indus-

try, it is imperative to make Indian exports competitive by withdrawing export duty com-

pletely," FIMI said in an hour-long meeting with Steel and Mines minister Mr. Narendra

Singh Tomar.

There is a two-way demand put forward by steel and iron ore lobbies in front of the new govt. The iron

ore lobby demanding for removal of export duty on iron ore and pellets while steel lobby seeking re-

moval import duty on iron ore. Meanwhile, amidst all this railways is the key sector which is losing crores

of revenues and any step taken by government towards changing the duty would help the railways to

mitigate some of its losses.

Iron ore availability in state

KIOCL seeking help from

new ministry

Duty Reduction Battle

Pellet Manufacturers

ASSOCHAM

Karnataka

FIMI


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Steel & Iron - Comparative View

Pellet prices overshot the lumps post

the mining ban in the eastern sector.

The rise in the pellet prices was much

sharper than that in the lumps on

month on month basis.

The eastern sector mainly saw the

prices remaining stable for June for

lumps while pellets over shot the ex-

pectations by reaching Rs 9000 per ton

mark.

The reason for the pellet exports scal-

ing down to NIL can be easily under-

stood by looking into the graph on the

right. The CFR levels of pellets when

converted to INR were far below the

domestic prices, eventually giving lar-ger benefits to the merchant suppliers

in the domestic markets. Hence, the

exports were completely neglected and

the cargoes delivered within the coun-

try.

Comparative view of steel versus iron ore {LHS: Steel & RHS: Iron Ore} in Rs per ton

For Eastern region only -

Monthly Basis

Sponge prices rose and

then settled along with

billet and ingot but the drop

was sharper in sponge

(DRI).

TMT gained last month

maintained a small pre-

mium once again in June

While sponge fell, TMT

maintained the increase

suggesting demand crisis.

Iron ore prices were up in

eastern region by over

10% on average basis.

Pellets exports went down

to NIL in June.

14

Domestic Lumps vs Pellet prices in INR per ton

Domestic & Export Prices (INR/ton) vs Exports (ml tons)


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Steel & Iron - Comparative View

Comparative view of steel billet versus scrap and rebar in Rs per ton

For northern region only -

Monthly Basis

Billet usage is going down

further as scrap is more

readily and cheaper even

when imported. Compara-

tively, the hiked freight and

billet prices from east are

making it completely unvia-

ble to convert billets (from

east) to TMT in north. This

has lead to the use of ma-jorly scrap in the north now.

Scrap prices picked up

marginally in June but the

excise advantage gained

by the importers and inter-

mediate traders allowed

good cargoes to be moved

to Mandi markets.

A new market which is

gaining interest in the north

is the Jaipur market which

is producing close to

10,000 tons of steel a

month with the imported

scrap.

As imported scrap starts to

turn cheaper due to cur-

rency and road-tariff cuts, it

is more preferred in the

northern markets.

Scrap imports peaked to

0.488 million tons in June

2014 due to the lower price

advantage and good avail-

ability.

NorthernSector

Scrap to Billet Usage(in percentage)

Scrap Billets

Jan 15 85

Feb 20 80

Mar 30 70

Apr 40 60

May 55 45

June 70 30Rupee versus Dollar showing the impact in scrap prices in INR

15

Difference between domestic & imported prices (INR per ton) amidst import scenario (million tons)


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Steel Markets in Graphs

10 mm rebar prices in Rs per ton 12 mm rebar prices in Rs per ton

Sponge iron prices (DRI) in Rs per ton MS Ingot prices in Rs per ton

Pig iron prices in Rs per ton MS Billet prices in Rs per ton

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Trade - Exports, Imports & Prices

Indian iron ore exports fell in June to less than 0.3 million tons. The total exports were 276,661 tons in

June which constituted of Goan cargoes of 120847 tons. There were no pellet shipments on record in

June.

Nearly 41% fall in exports quarter on quarter basis due to =1. Global slowdown in prices

2. Orissa ban problem which allowed the prices to hike in domestic market and gave a chance to the

exporters to sell in the domestic market and gain profits

3. Nearly 115 million tons of stocks built up at Chinese ports along with good concentrate availability in

China

4. High railway freight for exports and the recently hiked freight rates

5. Overall, the margins shrunk for the traders and merchant miners in the export market

Chinas buying levels of Indian iron ore grades fell to USD 95 -97 levels (CFR China) on an average ba-

sis in June cutting down all possible margins. The half yearly (Jan-Jun) average of the CFR price for

63.5/63% Fe fines fell by 16.67 percent when compared to 2013. Compared to USD 136.42 per ton in

2013, the average price for half year fell to USD 114.09 in 2014.

The buying sentiment for Indian iron ore is still alive in China but the trade-able margins have disap-

peared completely virtually killing the trade. June has been the worst month so far for iron ore in 2014

and as per the graph below the prices are still on the decline through June.

Iron ore Exports &

Imports::

OreTeam price average monthly (CFR prices) for 63.5/63% Fe fines in USD per ton

Exports fall just touching

0.28 million tons in June

Quarterly exports from In-

dia

Reasons for export decline

17

CFR China price of Indian

iron ore

June has now been theworst month so far for iron

ore exports from India in

terms of prices and volume

of exports.

(in ml tons) 2013 2014

Apr 1.474 1.08

May 1.074 0.581

June 0.712 0.277

Total for Apr-Jun 3.26 1.938 (-40.5%)


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Trade - Exports, Imports & Prices

OreTeam Indices -

OreTeam price indices for iron ore exports on FOB basis (LHS) & freight rates (RHS) in USD per ton

Detail MonthlyAverage

M-o-MChange

%

Index Specs.

63.5/63% Fe, FOB Vizag 85.43 -7.41OTPX USD/t

58% Fe, FOB Goa (Avg WCI) 62.50 -13.04OTPX USDt

ECI - China (Tianjin), Single port loading, Superhandy 12.00 0.00OTFX USD/t

ECI - China (Tianjin), Single port loading, Panamax 12.50 -3.85OTFX USD/t

63% Fe Pellets, Ex Plant, Barbil 7960.00 5.27OTIPI Rs/t

62% Fe Pellets, Ex Plant, Bellary 7820.00 -0.24OTIPI Rs/t

65% Fe Pellets, CFR China 122.78 -8.33OTGPI USD/t

OreTeam price indices for iron ore pellets - (LHS) Domestic pellets in Rs/ton & (RHS) Export USD/ton

OTPX, OreTeam PriceIndex for Indian iron ore in

FOB at USD per ton

OTFX, OreTeam Freight

Index for superhandy ves-

sels from ECI & WCI in

USD per wmt (excluding

demurrage)

OTIPI, OreTeam Price In-

dex for Indian Iron ore Pel-

lets in Rs per ton Ex-plant

basis for -

Barbil (63% Fe) &

Bellary (62% Fe)

OTGPI, OreTeam Price

Index for Global Iron ore

Pellets in USD per ton -

CFR Tianjin basis (65% Fe)

Average Monthly move-

ment in OreTeam Indices

18

2010 2014


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Indian Iron Ore Production vs Exports & Stockpiles

Production & Exports

Indian iron ore production, exports and % exported off production (in million tons, LHS) (%, RHS)

Indian iron ore production in April registered 14.2 million tons on provisional basis as compared to

Mar14 which saw 14.6 million tons. Compared to Apr 2013, the production is up by almost 29 per-

cent in the month.

The estimated iron ore production for May & June are nearly13.2 and 13.6 million tons mainly due to

the ban in Orissa.

Orissa remained the largest producer with an estimated 5.3 million tons for June 2014.

19

Upto date production &

exports

Iron ore exports dip yet

again in June

Indian port stocks of iron

ore (in tons)

Iron ore production figures

for May & June are on pro-

visional basis

Iron ore stockpiles at Major Indian ports (in tons)

Paradip, Vizag and Haldia are holding the majority of the iron ore stockpiles in India.

As compared to May, June stockpiles are down by 9.8 percent considering the cut in exports from

India and reduced coastal movement.

Road movement from Orissa to Vizag is back on hold (as per sources) as it was a temporary relief

provided through the months on April & May. There is no clarity on this as movement is minimal on

this route.

Stockpiles in India


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Trade - Sea Trade & Stock piles

Iron ore stockpiles at major Chinese ports increased to 114.93 million tons by June end from 113

million tons registered in May-end. Indian iron ore stockpiles in China reduced to nearly 1.00% of

the total 114.93 million tons recorded towards end of the month. Indian iron ore stockpiles registered

a total of depressing 1.06 million tons.

Number of vessels with Indian iron ore fines calling at Chinese ports were just 6 in the entire month

as per the customs data received by OreTeam China.

Chinas Blast furnace burden ratio of pellet, sintering ore and lump in May was seen at 25%, 71%

and 4% respectively. The pellets decreased in May as domestically the availability was better and

due to the lower prices, offers of pellets from Ukraine, Canada and Brazil also shrunk.

The pellet premiums for below 65% Fe grades were stable in the bracket of USD 19-21 per ton

while the same premiums for above 65% Fe grade pellets increased to nearly USD 25-26 per ton.

Lumps premium for 60-63.5% Fe grades were witnessed at 0.045 dmtu per ton.

China Stockpiles

Stockpiles increasing in

China while Indian side

falling

Indian iron ore stockpiles

at major Chinese ports

dipped below 1 percent of

the total stockpiles inChina.

LHS: percentage of Indian

iron ore of

RHS: Total stockpiles in

China in million tons

20

Pellet premiums fall in

China

Chinese mills utilization

ratios

Stockpiles of Steel billets in

Tangshan reducing towards

the month end giving some

room to the mills.

(in 000 tons)LHS: Tangshan warehouse

inventory

RHS: Jingtang Port stocks


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China Factor

China Iron ore Imports,

Production & Steel output

Steel inventory levels dip in

April again

Chinas iron ore production

and imports both increased

in March.

Chinas May (in ml tons) -

Steel prod = 70.432

Iron ore import = 77.43

Iron ore prod = 125.12 (p)

(graph in tons)

21

Chinas steel inventory levels dipped to 14.42 days by end-May from 16.57 days recorded around March

end. There is a clear wait and watch attitude visible from the buyers end who do not wish to procure lar-

ger volumes in the volatile market conditions.

Chinas total domestic crude steel output during May was 70.43 million tons, up 2.3% month-on-month

and 5.1% year-on-year. The average daily crude steel output for May was 2.27 million tons, down 1.0%

month-on-month. The decline in May was due mainly to unit maintenance by the large number of steel

mills and the arrival of low-demand season.

In June, tight liquidity and poor orders further depressed the steel mill enthusiasm in production and the

prices followed the fluctuation trend. The official figures will be available in the Augusts publication of

this report. Some steel mills, especially SMEs, were forced to conduct maintenance or cut output duringJune due to a lack of profits. Although additional banks were allowed to cut their deposit reserve ratios

by 0.5%, the PBOC only allowed cuts at those banks that met specific requirements.

Also, tight cash flows were a major factor affecting output during June. Falling downstream orders further

impacted the steel plants output. In late April, many downstream steel-consuming sectors, especially

manufacturing sectors, entered a low-demand period, and as a result, the Steel PMI for May fell to

46.53, with a seasonally adjusted PMI of 48.95. This decline in manufacturing activity will cause steel

demand and output to fall in the coming months, if the economic conditions do not change.

Iron ore Inventory (Inv)

(in million tons )

vs

Ratio of

(Inv / steel production)

(Expected)

Domestic production holds

good

Tight Liquidity concerns

Tight Cash Flows & PMI to

cause more problems


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Trade - Tenders & Global Platforms

Non-Indian Tender

Results

globalOREDate Specification Origin

Grade %

FeQuantity dmt

CFR China

USD/tonLaycan

30-Jun-2014 MNP Aus 62 100000 94 August

25-Jun-2014 PB Fines Aus 62 170000 95 August

24-Jun-2014 MNP Aus 62 100000 93.5 July

23-Jun-2014 MNP Aus 62 80000 93First ten days of Au-

gust

20-Jun-2014 PB Fines Aus 62 170000 93 July

20-Jun-2014 MNP Aus 62 90000 92 July

18-Jun-2014 Yandi Fines Aus 58 90000 74 July

18-Jun-2014 MNP Aus 62 80000 91 July

18-Jun-2014 MNP Aus 62 100000 91 July

17-Jun-2014 MNP Aus 62 90000 89 July

16-Jun-2014 Yandi Fines Aus 62 100000 89 June

16-Jun-2014 MNP Aus 58 80000 73.4 July

13-Jun-2014 Newman Fines Aus 62.5 90000 90.8 June

12-Jun-2014 MNP Aus 62 90000 90.5 July

12-Jun-2014 MNP Aus 62 100000 90.5 July



5-Jun-2014 Yandi Fines Aus 58 90000 75.5 July

4-Jun-2014 PB Fines Aus 61.5 190000 96 July

4-Jun-2014 MNP Aus 62 100000 95 First half of July


4-Jun-2014 MNP Aus 62 100000 93.5 July




3-Jun-2014 MNP Aus 62 90000 92.5 July

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Non-Indian Tender

Results

23

Spot TendersDate Specification Origin

Grade %

FeQuantity dmt

CFR China

USD/tonLaycan

30-Jun-2014 IOCJ Brz 64.33 140000 101.5 ETA SGX Aug 1

30-Jun-2014 IOUR Brz 62.86 46500 Index Based ETA SGX Jul 21

27-Jun-2014 IOUR Brz 62.5 44000 Index Based ETA SGX Aug 16

26-Jun-2014 PB Fines Aus 61 170000 95.51 Jul 15 - Jul 24

26-Jun-2014 IOCJ fines Brz 64.26 167754 104.39 ETA SGX Jul 24

26-Jun-2014 LONTS 60.96 103404 90.98 ETA SGX Jul 12

24-Jun-2014 PB Fines Aus 61.5 60000 92.68 Jul 12 - Jul 21

24-Jun-2014 SSFG Brz 62.5 170000 ETA SGX Jul 30

23-Jun-2014 IOCJ Brz 64.97 152950 102 ETA SGX Jul 13

23-Jun-2014 SSFG Brz 62.64 133448 Index Based ETA SGX Jul 18

20-Jun-2014 SSFG Brz 62.26 144367 90.5 ETA SGX Jul 6


19-Jun-2014 SSFG Brz 62.29 196000 90.37 ETA SGX Jun 30


17-Jun-2014 SSFG Brz 62.88 85000 88.67 ETA SGX Jul 4

16-Jun-2014 IOCJ Brz 65.05 160000 97.39 ETA SGX Jul 8

13-Jun-2014 IOCJ Brz 64.63 78000 97.27ETS SUBIC BAY at

Jul 13 - Jul 20

13-Jun-2014 PB Fines Aus 61 170000 90.67 Jun 28 - Jul 8

12-Jun-2014 PB Fines Aus 61 170000 90.51 Jun 27 - Jul 6

12-Jun-2014 SSFG Brz 62.88 166000 89.23 ETA SGP Jul 4

12-Jun-2014 LONT Lumps Brz 62.55 124281 88.1 ETA SGP Jul 6

11-Jun-2014 IOCJ Brz 65.07 145602 101.5 ETA SGP Jul 10

10-Jun-2014 SSFT Brz 62.5 100000 90.65 ETA SGP Jul 12

10-Jun-2014 PB Fines Aus 61 170000 93.01 June 24 - Jul 3

10-Jun-2014 LONT Lumps Brz 61.74 70079 90.28 ETA SGP Jul 4

5-Jun-2014 LONT Lumps Brz 62.25 83936 93.75 ETA SNP Jun 14

5-Jun-2014 SSFT Fines Brz 62.9 99184 92.68 ETS SNP Jul 1st

3-Jun-2014 PB Fines Aus 61 60000 91.89 Jun 17 - Jun 26

3-Jun-2014 IOCJ Brz 64.32 170750 99.08 ETA SGP Jun 17


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Non-Indian Tender

Results

24

Other transactions & OffersDate Specification Origin

Grade %

FeQuantity dmt

CFR China

USD/tonLaycan

30-Jun-2014 PB Lumps Aus 62.5 70000 100 10-Jul

30-Jun-2014 PB Fines Aus 61.5 100000 94.5 12-Jul

30-Jun-2014 PB Fines Aus 61.5 230000 95 3-Jul

30-Jun-2014 Newman Lump Aus 63.2 90000 101 2-Jul

27-Jun-2014 Jimblebar Fines Aus 110000 95 Jun 21 - Jun 30

25-Jun-2014 Vale's fines Brz 65 50000 105 Jul 10 - Jul 15

18-Jun-2014 Yandi Fines Aus 57.6 75.5 July

18-Jun-2014 PB Fines Aus 61.5 230000 92 July

18-Jun-2014 Newman Lump Aus 63.2 90000 95 July

18-Jun-2014 PB Lumps Aus 62.5 60000 93 Jun 16 - Jun 30

16-Jun-2014 Yandi Fines Aus 58 80000 73.5 Jun 16 - Jun 22

16-Jun-2014 Newman Fines Aus 62.5 110000 90 Jun 16 - Jun 22

16-Jun-2014 PB Fines Aus 61.5 170000 88.5 Jun 5 - Jun 22

13-Jun-2014 Iran Fines Iran 59 63 July

13-Jun-2014 Yandi Fines Aus 58 80000 72 Jun 1 - Jun 15

13-Jun-2014 Newman Fines Aus 61.5 90000 90 Jun 1 - Jun 15

9-Jun-2014 Mac Fines Aus 61 90000 94Arriving Quingdao po

on June 14

9-Jun-2014 PB Fines Aus 61.5 170000 94.5 June 24 - July 3

6-Jun-2014 Iran Lumps Iran 61/60 50000 85

6-Jun-2014Brazilian Crude

finesBrz 62 160000 89 18-Jun

5-Jun-2014 PB Fines Aus 62 120000 94 July

5-Jun-2014 Indian Fines India 57 71 July

5-Jun-2014 Karara Lump 60 91 July

5-Jun-2014 Mac Fines Aus 61 10000

660 yuan/

tonne Delivery at Tianjin Po

5-Jun-2014 Mac Fines Aus 61 10000660 yuan/

tonne

Delivery at Rizhao

Port

4-Jun-2014 Yandi Fines Aus 57.7 76 Jun 1 - Jun 10

4-Jun-2014 Mac Fines Aus 61 90 Jun 1 - Jun 10

3-Jun-2014 Iran Lumps Iran 60 82 July

3-Jun-2014 Newman Lump Aus 63.2 97 July

3-Jun-2014 Onesteel lump Aus 61 86 July


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Ex-Indian /Non-Indian

Transaction Results &

Offers (not concluded)

CBMX

Date Specifications OriginGrade %

Fe

Quantity

(dmt)

Price USD/t

CFRLaycan

26-Jun-2014 PB Lump Aus 62.5 70000 Index Based Jul 3 - Jul 12

26-Jun-2014 PB Fines Aus 62 100000 Jul 3 - Jul 12

24-Jun-2014 PB Fines Aus 61.5 100000 90.1 Jul 15 - Jul 30

23-Jun-2014 Mac Fine Aus 62.5 90000 91.8 July 11 - Jul 20

23-Jun-2014 PB Fines Aus 62 170000 93 Jul 11 - Jul 20

19-Jun-2014 PB Lump Aus 62.5 60000 93 Jun 16 - Jun 30

19-Jun-2014 PB Lump Aus 62.5 60000 95 Jun 21 - Jun 30

19-Jun-2014 PB Fines Aus 61.5 110000 91 Jun 6 - Jun 15

10-Jun-2014 Yandi fines Aus 58 80000 74.6 Jun 25 - Jul 4

4-Jun-2014 PB Fines Aus 61.5 170000 93.8 Jun 18 - Jun 27

3-Jun-2014 Mac Fine Aus 61 10000660 yuan/

tonneDelivery at Tianjin Port

3-Jun-2014 Mac Fine Aus 61 10000660 yuan/

tonne

Delivery at Rizhao

Port

29-May-2014 PB Fines Aus 61.5 170000 95 May 28 - Jun 12

21-May-2014 PB Fines Aus 61.5 170000 90 May 23 - Jun15

15-May-2014 PB Fines Aus 61.5 170000 102.5 Jun 2 - Jun 11

13-May-2014 PB Fines Aus 61.5 170000 101 May 10 - May 20

12-May-2014 PB Lump Aus 62.5 80000 106 Apr 19 - Apr 28

12-May-2014 PB Fines Aus 61.5 90000 100 Apr 19 - Apr 28

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Trade - Indian Transactions

Indian Trade

Exports

26

PORT VESSEL NAME MATERIAL QTY (tons) SHIPPER RECEIVER DISC. COUNTRY

PARADEEP MV APJ JAI IRON ORE FINES 18000.00 BAGADIA BROTHER JAGWANI CHINA

VIZAG MV IKAN BAWAL IRON ORE FINES 78250.00 MMTC J F E LOGISTICS JAPAN

VIZAG MV ANNY PETRAKIS IRON ORE FINES 59564.00 MMTC POHANG KOREA

GOA MV MENALON IRON ORE FINES 55616.00 BAGADIA BROTHERS - CHINA

GOA MV APJ JAI IRON ORE FINES 17778.00 BAGADIA BROTHERS - CHINA

GOA MV ZHE HAI 168 IRON ORE FINES 47453 SHREE DURGA MINING - CHINA

Indian Ports in June Kandla was the hub of all traffic movement in June as well, after May within India whereas the maxi-

mum iron ore movement was visible at Vizag. The main reasons for Vizags iron ore movement isMMTC cargoes, Essars coastal movement and JSWs movement.

Compared to June 2013, the total cargo handled (traffic) was up by 4.29 percent in June 2014.

Iron ore traffic increased by a similar percentage of 4.28 percent in the month.

Thermal coal movement increased by 3.69 percent while coking coal decreased by 7.28 percent in

the same month on comparison with June 2013.

PORT VESSEL NAME MATERIAL QTY (tons) SHIPPER RECEIVER DISC. COUNTRY

PARADEEP MV MARIANNA IRON ORE FINES 11500.00 CARGIL INTERNA- TATA STEEL INDIA

SAGAR MV MARIANNA IRON ORE 8600.00 OEL MINING CO.LTD TATA STEEL INDIA

HALDIA MV MARIANNA IRON ORE 26487.00 OEL MINING CO.LTD TATA STEEL INDIA

Imports

In 000 tons

LHS: total cargo

RHS: iron ore


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Current port - stock position by party

Vizag Port (in tons) May EndStockpile

June EndStockpile

Change in %

JSW Ispath 92900 126900 36.60

OMCPL 1500 1800 20.00

KIOCL 14900 26600 78.52

Rungta 24100 24100 0.00

Sail (& Temp. Tippling) 10000 -100.00

NMDC 160300 182200 13.66

Streak Shipping

Royal Line 17200 6200 -63.95

Temp. Tippling

Welspun Maxsteel Ltd 84000 12000 -85.71

Essar Steel India Ltd 3300 3300 0.00

Bagadia

Essel

Spilled Ore 7000 7000 0.00

E2E Supply Chain Solutions

Total 415200 390100 -6.05%

Plot-wise Cargo at Vizag(in tons) CLO Fines Pellets Total

NMDC (HGF) 37000 145200 182200

NMDC (MGF) 0

KIOCL 23500 23500

JSW Ispath (BCH) 20000 56500 76500

JSW Ispath (KND) 8000 34400 42400

Welspun Max Steels Ltd 12000 12000

E2E 0

Essar 200 3100 90000 93300

Rungta 24100 24100

OMCPL 1800 1800

Bagadia 0

Essel 0

Royal Line 6200 6200

Sail

Streak Shipping

Total 77200 294800 90000 462000

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Orissa iron ore exports by miner

The extent of fall in exports can be seen from the above table where no miner has moved his cargoes to

the ports either by rail or road in June 2014. A dramatic fall of 92% in the movement of iron ore for export

by any of the miners. The situation is likely to hold the same for July as well with very little respite.

Exports through rail &

road by Orissa miners

Jun'14 Jun14 Jun14 Change vs

Rail Road Rail + Road May14

MT MT MT %

Baripada GHANASHYAM MISRA AND SONS (P) LTD

Baripada Lal Traders and Agencies (P) Ltd.

Baripada B.C. Dagara

Joda K.J.S. Ahluwalia

Joda Mid East Int. Steel Ltd.

Joda Tarini Minerals (P) Ltd.

Joda SERAJUDDIN AND CO. 20000 20000 -60%

Joda Kalinga Mining Corpn.

Joda O.M.C. Ltd.

Joda Rungta Mines Ltd.

Joda Indrani Patnaik

Joda Tata Steel ltd.

Joda R.P. Sao

Joda R.B. Das

Joda Tarini Prasad Mohanty

Keonjhar Gandhamardan Sponge Industries (P) Ltd

Keonjhar O.M.C. Ltd. 4600 4600 -76%

Koira Essel Mining and Industries Ltd.

Koira FEEGRADE and CO PVT. LTD

Koira Korp Resources (P) Ltd.

Koira MGM Minerals Ltd.

Koira O.M.C. Ltd.

Koira Penguin Trading and Agencies Ltd.

Koira National Enterprises

Koira A.M.T.C. (P) Ltd

Koira B.I.CO. LTD

Koira M.G. Mohanty

Koira Bonai Indutrial Company Ltd.

Koira Rungta Sons (P) Ltd.

Koira S.N. Mohanty(KJST-Jaldihi)

Total 24600 24600 -92%

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reTeam Publication

A Publication of OreTeam Research

Contact Information

For Questions & Clarifications

Contact

Prakash Duvvuri, [email protected], +919811088233

For Subscriptions:

Contact

Monica Bachchan, [email protected], +919818750128

The views and opinion expressed in this research reflect the personal views of the analyst about the subject in discus-

sion. It is the independent view of the analysts and OreTeam Research team, expressed in accordance with accurate

evidence collected from various dependable sources. No external interest or recommendations are entertained as part of

the data published in this report.

This report was completed on the 8th day of July 2014.

OreTeam research teams from OreTeam India & OreTeam China collated the information published in this report.

The data and prices published in this report are accurate to the understanding of OreTeam Research Team at OreTeam

Exim Pvt Ltd. The prices published in this report are based on an approximation to the nearest collected values by

OreTeam. OreTeam Research & OreTeam Exim Pvt Ltd shall not be held liable whatsoever to any person who chooses

to comply or conform with the data published in this report, including any liabilities put forward due to negligence.

This research report has been prepared exclusively for the subscribers of OreTeam and must not be copied, either in

whole or in part, or distributed to any other person. If you are not the intended recipient you must not use or disclose the

information in this report in any way. If you received it in error, please inform us immediately by either sending us an

email or calling us at the above mentioned numbers. Please delete the document if it has not been addressed to you.

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indian iron ore monthly report for june 2014

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