- South African exports drop 34% m-o-m
- Stockpiling, inventory build-up keep exports high
Iron ore exports from key producing regions showed stable trends in October 2025, with overall volumes staying high. India’s shipments rose by 15% m-o-m as supply recovered post-monsoon, supported by active bookings amid speculation over export duty changes. Exports from Australia and Brazil remained steady, while South Africa recorded a decline in volumes during the month.
Australian exports edge up 4% m-o-m
Australia’s iron ore and pellet export shipments stood at 81.9 mnt in October, up 3.6% against 79 mnt in September, according to vessel line-up data compiled by BigMint.
China remained the top importer, receiving 68.2 mnt (1.9% higher m-o-m), followed by South Korea with 4.7 mnt and Japan at 5 mnt.
Rio Tinto was the leading exporter at 30.5 mnt (up by 5.5% m-o-m), trailed by BHP at 25.2 mnt and FMG at 18 mnt.
Volumes saw a modest rise; however, gains were capped by an ongoing standoff between a major miner and leading importer China over pricing terms. Meanwhile, increased output from key producers supported the overall rise in shipments.
Exports from Brazil rise 3% m-o-m
Brazil’s iron ore exports rose by 3.2% to 37.08 mnt in October against 35.92 mnt in the previous month. Moreover, exports rose by 11.3% from 33.33 mnt in October 2024.
China remained the largest importer, taking in 24.26 mnt, followed by Malaysia at 1.85 mnt and India at 1.37 mnt.
Brazil’s exports edged up as Chinese importers diversified supply sources and turned to more affordable cargoes amid tightening mill margins, cautious procurement, and efforts to balance costs in a softer market environment.
South African exports slump
South Africa’s iron ore exports fell by 33.6% to 3.3 mnt in October as against 4.97 mnt in September, as per vessel line-up data maintained by BigMint. Moreover, export volumes remained largely stable against 3.26 mnt in October 2024 (marginally up by 1.2%).
South Korea emerged as the leading importer with 0.84 mnt (140% spike m-o-m, highest in the past 2 calendar years), followed by the China at 0.71 mnt.
Exports were significantly constrained by persistent logistical disruptions, vessel congestion, and elevated freight rates. Ongoing transport bottlenecks and cautious buying amid wide price gaps further dampened trade sentiment, echoing the prolonged challenges faced in South Africa’s export supply chain.
India’s exports rise by 15% m-o-m
India’s iron ore and pellet exports inched up by 14.8% m-o-m to 2.17 million tonnes (mnt) in October from 1.89 mnt in September. However, shipments saw a decline of 10% against 2.41 mnt y-o-y in the year-ago period.
China remained the largest importer with 1.74 mnt, followed by Malaysia with 0.11 mnt.
Exporters rushed to secure orders amid uncertainty over possible export duty revisions, resulting in higher booking volumes. However, the spurt was short-lived, as overall demand remained muted due to the festive season and limited market activity. Moreover, Chinese mills preferred keeping inventories high to keep feed available for upcoming construction demand.
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