Indian Iron Ore Exports Plunge 35% in FY’18

Indian iron ore export decreased by 35% in FY’18 to 15.7 MnT against 24.34 MnT last year in FY’17. Fall in iron ore exports from Goa amid extended monsoons and less demand for a low grade in China resulted in reduced export volumes. Sinter restrictions put by Chinese mills for iron ore fines weighed down lower grade fines prices.

Iron ore exports from Mormugao ports fell by 36% to 9.3 MnT in FY’18 against 14.6 MnT in FY’17.

However, on monthly basis, exports have increased significantly by 31% to 2.69 MnT in Mar’18 against 2.06 MnT in Feb’18 on a significant increase in exports from Goa. Goan miners increased exports following SC order on the suspension of mining activities w.ef 16 Mar’18.

Vedanta remains the largest iron ore exporter in FY’18 –:

Vedanta was the largest iron ore exporter at 4.03 MnT in FY’18 against 7.32 MnT in FY’17. Other major exporters were MMTC (which exports on behalf of NMDC) at 2.56 MnT in FY’18 against 2.7 MnT in FY’17, followed by Fomento Resources at 2.36 MnT in FY’18.

Rungta Mines’iron ore exports were down by 30% from 2.51 MnT in FY’17 to 1.77 MnT in FY’18, Other major exporters were VM Salgaonkar (1.17 MnT) and Chowgule and Company 0.7MnT.

On monthly basis, Vedanta remains largest iron ore exporter in Mar’18 and its exports increased by 23% to 0.66 MnT against in Feb’18 which was stood at 0.54MnT followed by Fomento Resources 0.52 MnT.Other major exporters were MMTC 0.36 MnT and Rungta mines at 0.33 MnT.

Indian iron ore exports to China fall by 39% – China contributed for a share of 77% (12.17 MnT) of total iron ore exported from India in FY’18. Indian iron ore exports to China decreased sharply by 39% Y-o-Y in FY’18. Demand for high grade imported ore spurred in China owing to government regulations to make use of high-grade ore to curb pollution, supporting imports to China from Australia and Brazil.

Other major export destinations for India were Japan (2.58 MnT) and South Korea (0.66 MnT). Malaysia, Vietnam, and Kenya were few other iron ore export destinations in FY’18.

Iron ore exports from Mormugao ports down 36% in FY’18  -:

In FY’18, Mormugao port accounted for the largest share in iron ore exports at 9.3MnT against 14.6 MnT in FY’17 followed by, Paradip 3.91 MnT, Vizag Port 2.79 MnT, and Paradip 2.04 MnT.

On monthly basis, Mormugao port accounted for largest share with 59% share(1.94 MnT) in Mar’18 followed by Vizag (0.39 MnT), Paradip (0.20 MnT) and Dhamra (0.06 MnT).