Indian iron ore exports have been provisionally estimated at 47.8 million mt in the fiscal year 2023-24, a three-year peak, and up 130 percent year on year, according to data sourced from government ministries.
According to the data, 90 percent of exports were to China, followed by Indonesia which accounted for 0.91 million mt of iron ore exports.
However, monthly figures reveals that the rising exports were tapering off with exports declining by 22 percent and 33 percent in February and March this year, respectively, compared to the corresponding months of the previous year, indicating a weakening of demand in China.