Exports of iron ore by India, in the form of fines and lumps, spiralled to a nearly 3-year high of 4.86 million tonnes (mnt) in January 2024, the highest level witnessed since March 2021 when export volumes had touched 5.87 mnt, as per data available with BigMint. The top importer was China, accounting for a lion’s share of shipments from India, followed by Malaysia, Qatar etc. Prices of benchmark Fe62% fines increased by over 25% between end-October and the beginning of January. In comparison, prices of low-grade Indian fines inched up by just around 5% since November from $86/t FOB India to $89-90/t in December-January. So, imports from India have remained attractive.
