Iron ore prices have touched a 5-year low on Monday heading towards the levels last seen during the 2008 global financial crisis escalating concerns in Goa's mining industry about their future.
Iron ore prices have touched a new low of $84/dmt (at China port) for 62% iron creating ripples amongst the mining companies in Goa; this implies a price of US$60-61/wmt at Goa after adjusting for moisture and shipping cost. For the low grade of Goan iron ore which is typically below 58%, the price has dropped to $50/wmt loaded on the ship.
This is being closely watched by players in the mining industry at a time when stakeholders were looking at resumption of operations in Goa.
Source: The Times of India
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