Last Updated :
04 December 2009 at 11:15 IST
Sesa Goa turns red on weak iron ore prices
MUMBAI (Commodity Online): Metal stocks traded in red today on the back of selling pressure with key metal stocks shedding marginal to moderate losses on the Bombay Stock Exchange today.
Tata Steel Ltd (BOM: 500470) shed by 1.3% at Rs.575.90 in the morning trading session today, while Sesa Goa Ltd (BOM: 500295) traded at Rs.374.50 down by 1.5%.
The sectoral index, BSE Metals index was weak in the early trades today. The index fell by 0.22% at 16,782.04 points in the morning session.
Get Trading Tips just for one commodityGujarat NRE Coke, Hindustan Zinc Ltd and SAIL were among other metal stocks sinking in red today.
Meanwhile, iron prices continued downtrend by another dip of 1% to 2.5% since December opening. While the bulk sea freight market continued in doldrums with sea-saw trajectory, movement of Chinese domestic prices is also confusing. In addition, Chinese mills seem to be going slow on bookings as winter sets in the Northern region centre of steel majors.
According to the estimates, the prices are likely to improve and remain buoyant for the better part of January before the Chinese Holidays as mills enter the fray to replenish stock reserves.
Secondly, India's iron ore exports more than doubled to 9.3 million tonne in October this year as compared to 4.4 million tonne in the same month a year ago. The rise was seen due to increase in demand from Chinese steel producers, as per a joint study by a group of iron ore exporters. Iron ore is a key input in steel making.
The country’s iron ore exports during April-October period grew 20% over the year ago period to 53 million tonne, as per the study conducted jointly by Goa Mineral Ore Exporters Association, Kudremukh Iron Ore Company and government owned trading house MMTC.
India produces close to 200 million tonne of iron ore every year, half of which is exported. Around 80% of the country’s ore exports go to China, while the rest goes to Japan and Korea.
Top iron ore exporters in the country include Sesa Goa, MSPL, Roongta Mines, Chowgule and Mineral and Metal Trading Corporation.
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