India’s Sponge Iron Export Trend and Forecast for FY’30

India shipped 1.30 mnt of DRI in FY’24, a rise by 15% in comparison to 1.13 mnt in FY’23. Exports remained stable y-o-y at 0.7 mnt in H1FY’25 as against 0.69 mnt in the year-ago period. Nepal was the key buyer of Indian DRI with a contribution of over 80%, followed by Bangladesh, while the rest was exported to Bhutan, Malaysia, etc. Out of total sponge iron exports, about 70% took place from Odisha, while the remaining was from West Bengal. India’s crude steel production has experienced significant growth, currently standing at approximately 144 mnt. It is estimated that crude steel production could touch around 152 mnt by FY’25.