India’s iron ore exports to China dropped nearly 50pct in FY25 to 24.14 mln tons, down from 45.36 mln tons the previous year, as slowing economic activity and steel oversupply in China dampened demand. China accounted for 80pct of India’s total iron ore exports.
Weaker demand also pressured prices, with average export realizations falling 17pct to USD 100 per ton, compared to USD 120 in FY24. Global iron ore prices currently hover around USD 110 per ton.
Overall, India’s iron ore exports declined 35pct YoY to 30.92 mln tons in FY25, from 47.8 mln tons in FY24. Of this, 24 mln tons comprised fines and lumps, while pellet exports totaled 6.8 mln tons, down from over 11 mln tons a year ago.
Analysts cite China’s debt woes, real estate overcapacity, and slowing infrastructure activity as key factors behind the drop.
Outside China, export performance was mixed. Shipments to Malaysia surged 176pct to 1.74 mln tons, while exports to Indonesia fell 44pct to 0.52 mln tons.