India’s iron ore export dips in October

According to data gathered by FIMI, India’s iron ore exports during the first five months of the current fiscal year were 6.97 million tonnes, lowest in three years.

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India’s iron ore exports decreased to “nearly zero” in October, and because of higher export tariffs and weaker demand from China. It is anticipated that foreign shipments of the steelmaking raw material will remain stagnant.

In an effort to keep up with the growing domestic demand, India increased the export tax on low-grade iron ore lumps and fines in May from zero to 50% and increased the duty on pellets from zero to 45%.

In the fiscal year that ended in March 2022, China bought 21 million tonnes of iron ore and concentrates from India, accounting for 80% around 26.32 million tonnes of total exports. Low-grade ores made up 92% of India’s total iron ore exports.

According to data gathered by FIMI, India’s iron ore exports during the first five months of the current fiscal year, were 6.97 million tonnes, a three-year low. India’s domestic pricing of high-grade lump ore at NMDC, the nation’s largest said raw material producer, declined 33% to 4,100 rupees ($49.45) a tonne in October from 6,100 rupees in April, partly as a result of decreased demand.