India's iron ore exports slump by 56.7% in March 2015

During January-March 2015, exports to China slumped by nearly 80%

The Dollar Business Bureau

India’s iron ore exports fell in March to 804,233 tonnes, down by 56.7% when compared with the exports during the same month in 2014. According to Ministry of Commerce, the country had exported 857 million tonnes of iron ore during March last year while, during this year, India exported 804,233 tonnes of iron ore worth $27.22 million. Moreover, the export prices have dipped by 25.8% over the year. The iron ore export prices averaged at $71.4 per tonne in March 2015 as against $96.20 per tonne in March 2014. Japan is the largest destination of Indian iron ore, the country totaled to 289,813 tonnes. China with 287,238 tonnes and Iran 198,159 tonnes are important destinations for Indian exporters. The other importers of iron ore from India during March this year were Oman (27,500 tonnes) and Nepal (1,523 tonnes). However, during the three-month period from January to March, China was major importer, but the exports slumped nearly by 80% during the three month period to 718,558 tonnes. Last year, during the same period, China sourced 3.561 million tonnes of iron ore from India. The market price of India iron ore at Chinese ports were recorded at $60-70 per tonne. Furthermore, during the same period, India exported the mineral worth $105.42 million or a total of 1.672 million tonnes. The total export duty on iron ore sourced from India is 30%. In FY2014, India exported iron ore valued at about $526.50 billion, down by 66.2%.      

June 29, 2015 | 6:20 pm IST.

The Dollar Business Bureau - Jun 29, 2015 12:00 IST