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Indian iron ore exports are expected to reach 47.8 million metric tonnes (MT) in fiscal year 2023-24, a three-year high and a 130% increase year on year, according to data sourced from government ministries.
The data showed that 90% of exports went to China, with Indonesia coming in second with 0.91 MT of iron ore shipments.
In February and March of this year, respectively, exports decreased by 22% and 33% compared to the corresponding months of the previous year, showing a weakening of demand in China. However, monthly numbers show that the rising exports were slowing off.
India mainly exports low-grade fines, with pellets accounting for about 24% of total shipments (or 11.32 MT).
Iron ore demand in FY23 was 21.28 MT, while in FY22 it was 26.40 MT, as per data collated by consultancy firm, BigMint. Over the last six years highest iron ore exports were reported in FY21 which was at 60.15 MT.
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