India's iron ore exports in August 2024 decreased by 50% y-o-y to 1.452 million tons, according to data obtained by SteelRadar from the Ministry of Commerce and Industry, Government of India.
This figure decreased by 49% compared to the previous month, July. August exports were the lowest exports in the last 1 year. The highest export figure in this period was 6.165 million tons in January.
Total iron ore exports for the January-August period increased by 8% from 26,415 tons to 28,559 tons.
India is the world's fourth largest iron ore producer with production of 257.6 million metric tons in 2023. Iron ore production increased by 7.4%, from 258 million metric tons (MMT) in 2022-2024 to 277 million MMT in 2023-2024.
China buys 90% of the iron ore exported from India, followed by Indonesia. However, India has expanded these markets to South Korea, Vietnam and the Middle East. During the month, production restrictions at Chinese steel mills to reduce carbon emissions and pollutants decreased iron ore consumption and increased stocks at ports.
Comments
No comment yet.