Reportedly, India’s iron ore export prices have been soaring due to the current serious floods in Australia. However, the delivery volume might be limited because of the ban on iron ore exports in Karnataka’s state government.

India is the third largest iron ore exporter; also, the country is the main supplier of iron ore to China. It’s known that the export prices of Indian iron ore contains 63.5% of Fe to China have hiked by 16~18% to US$192~US$193/ton since last December.

According to the Minister of Federation of Indian Mineral Industries, the shortage of iron ore resulted from floods in Australia has already boosted the prices to rise.

Furthermore, the iron ore price may rally in mid-February as China’s steel production resume after Chinese New Year.