India: Iron ore and pellet exports jump 27% m-o-m in November

• Rungta Mines and Vedanta lead the export volume
• Higher prices support the spot deals in sea market

India’s iron ore and pellet exports rose sharply in November, rising 27.2% m-o-m to 2.76 mnt, supported by a rise in overseas buying interest. The volumes comprised 2.51 mnt of fines and lumps (up from 1.96 mnt) and 0.25 mnt of pellets (0.21 mnt last month).

On a y-o-y basis, exports surged 51.6%, while cumulative shipments for 11M CY25 reached 37.75 mnt, up 5% compared with the same period last year.

The rise was driven by several factors coming together. A shift in seaborne benchmark trades from Fe 62% to Fe 61% made Indian material more competitive, while firmer prices and steady overseas inquiries helped keep trade active. Miners led export volumes during the month, often securing premiums for single-mine cargoes. November also saw some movement in lump cargoes, mainly shipped by exporters from the West Coast.

This is the highest export figure so far in this financial year, earlier it was last seen in March 2025 with 3.13 mnt. China remained the largest importer with 1.79 mnt, followed by Malaysia with 0.11 mnt.

Major exporters Rungta Mines and the Vedanta Group were the leading exporters in November, and their export volumes increased significantly this month. The export tender for fines received a positive response, despite the narrowed discount for low-grade fines in the sea market.

Key driving factors :

• Active restocking demand from China: Chinese buyers continued to show interest in Indian cargoes amid active restocking for the upcoming winter construction season and cost-efficient procurement. On a m-o-m basis, port inventories in Nov’25 increased to 139 mnt, up from 133.8 mnt in Oct’25 and 132.3 mnt in Sep’25, as per SteelHome data, highlighting continued booking activity in the market.
• Aggressive single-mine cargo offers: The export market saw large volumes from two major miners offering single-mine cargoes. Rungta Mines shipped 0.93 mnt (up 221% m-o-m), while Vedanta exported 0.7 mnt (up 27.3% m-o-m), including bulk cargoes from the East Coast and limited ultra-low alumina lump shipments from Karnataka. Buyers mainly preferred the single mine cargo at the premium prices.
• Indian export prices rose by $3/t m-o-m: Benchmark Fe 57% fines prices increased by $3/t m-o-m to $69.9/t FOB Paradip in Oct’25, from $66.8/t a month earlier. Spot deals were aggressive in the end of October and early November, which shipped in November.
• Narrowed low-grade fines discount: India Fe57% fines were traded at the 14-15% level in November on the global index, which attracted the exporters to sell their cargoes.

Outlook: The short-term outlook for December 2025 remains cautiously stable, supported by expectations of further economic stimulus in China aiding near-term restocking and steady domestic steel demand in India. However, longer-term sentiment stays under pressure amid concerns over global oversupply and ongoing structural weakness in China’s property sector.