Indian Iron Ore Exports Firmer at 11.2 MnT in FY17 (Apr-Nov’16)

Indian iron ore exports have shown a remarkable growth starting FY17, registered at 11.2 MnT during Apr-Nov’16 against 0.95 MnT in the same time period last year.

As Goa and Odisha based iron ore exporters resumed iron ore exports starting FY17 after government move to scrap off export duty on Fe 58% below grade ore, iron ore exports geared up. Alongside, the higher global iron ore prices which touched to the level of USD 80/MT recently, also attracted iron ore exporters to look for better opportunities in exports.

In the month of Nov’16, iron ore exports were recorded at 2.56 MnT against 1.62 MnT in Oct’16. In addition, there was tremendous increase in exports on Y-o-Y basis as only 0.65 MnT iron ore was exported during the same month last year.

Goan iron ore exports at 1.8 MnT in Nov’16

Exports from Goa were registered at 1.8 MnT in Nov’16 against 1.0 MnT in Oct’16. Goan iron ore exports geared up after two months when the government removed ban on transportation in the month of Aug’16 due to monsoon.

Odisha iron ore exports doubles in Nov’16

Low grade iron ore exports from Odisha were at 0.47 MnT in Nov’16 against 0.25 MnT in Oct’16 which is nearly doubled. Global iron ore prices stood at USD 80/MT in Nov’16 which gave better opportunities for Odisha exporters.

India chiefly exports iron ore to China, Japan and South Korea. Out of the total iron ore exports in the month of Nov’16, around 84% to China,13% to Japan and 3% to Malaysia.

Starting FY17 (till Nov’16), total 8.8 MnT has been exported to China, 1.8 MnT to Japan and 0.07 MnT iron ore to Malaysia.

Party-wise iron ore exports from India in Nov’16

Qty in MT
Source: SteelMint Stats, Customs
Provisional Data