India's iron ore exports climbed by 20% y/y in January-June

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India's iron ore exports climbed by 20% y/y in January-June

Ferrous 03 Jul 2024 03:00 PM IST GMK Centre

Indian mining companies increased their iron ore exports to 20.26 million tonnes (MT) from January to June 2024, a 20% increase over the same period in 2023. Iron ore pellet exports climbed by 18% year on year to 5.4 million tonnes between January and June. China is the largest buyer of India's iron ore pellets (18.8 MT). For the past six months, Rungta Mines (4.35 MT), JSW Steel (3.41 MT), and Vedanta (1.93 MT) have been the top exporters of raw materials.

Export volumes declined 19% month on month in June, reaching 2.64 MT. The key drivers of the increase in Indian raw material shipments are growing demand from China, greater output by Karnataka businesses, and favourable iron ore pricing throughout the period.

The rise in China's stockpile levels and the decline in export profitability will likely cause volatility in the Indian iron ore market in the near future, and price pressure from Chinese purchasers might potentially restrict total exports.

As a reminder, India is considering establishing the country's first iron ore exchange to determine raw material prices domestically. The government recruited a group of specialists to propose this idea. The proposed exchange will keep iron ore physical delivery and real-time transaction records on file.

India's iron ore production reached a record high of 282 MT in 2023, up over 14% year over year. In particular, miners increased volumes due to stimulated demand from rising steel production in the country, and export demand also increased.

Also Read : India's April-December steel imports hit five-year high amid surging demand China’s Steel Sector Struggles with Declining Production

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India's iron ore exports climbed by 20% y/y in January-June

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