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India's mining industry dropped iron ore exports by 53% in March 2024 compared to the previous month, reaching 3.28 million tonnes (MT).
Raw material shipments have fallen for the third month in a row, owing to weaker demand from China, India's primary customer of iron ore (85-90% of total exports). China's domestic steel demand has been declining over the last two months, which has caused steelmakers to require less raw materials.
Low-grade fines make up the majority of India's exports, with pellets making up between 12-15% of the total. India exported 0.48 MT of pellets in March 2024, a 13% decrease from February.
Chinese steelmakers booked significant volumes of iron ore and pellets during the fourth quarter of 2023. As a result, Indian exports were quite high until January 2024. However, in February-March 2024, demand slowed due to sufficient stocks and holiday periods. In January-March 2024, India exported 18.5 MT of iron ore and pellets.
Although India has one of the largest iron ore reserves, the country usually exports surplus low-grade ore, using high-quality raw materials for domestic crude steel production. India is considering the creation of the country’s first iron ore exchange to determine the domestic selling price of raw materials. The proposal was submitted by a group of experts appointed by the government. The proposed exchange will record real-time transactions and physical deliveries of iron ore.
India increased iron ore production to a historic high of 282 MT in 2023, up almost 14% year-on-year. In particular, miners increased volumes due to stimulated demand due to the growth of steel production in the country, and export demand also increased.
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