Rupee depreciation has offset the impact of 5% export duty on Indian iron ore as Chinese steel companies are trying to slowly roll back production cuts. India’s iron ore exports jumped 21.53% to 13.9 million tonnes in January 2009 against 11.5 million tonnes in January 2008.

Independent steel and natural resources consultant AS Firoz said:

Iron ore f.o.b. prices had fallen to $60-65 per tonne in December which made Indian ore attractive. Chinese steel makers bought iron ore in bulk, which is showing in higher iron ore export figures.

For full story, click here