India’s iron ore exports surged in Jan '16; imports nosedived

NEW DELHI (Scrap Monster): The preliminary trade statistics released by the Indian Ministry of Commerce and Industry suggests significant jump in iron ore exports and drop in imports during the month of January this year.

According to trade statistics, the iron ore exports by the country totaled 797,713 tonnes during the month, significantly higher by 141% when compared with the exports of 330,963 tonnes during January last year. The average price of export dropped sharply by 66% from $62.6 per tonne FOB in January 2015 to $21.3 per tonne FOB in Jan ’16. The value of exports too has dropped by 18% year-on-year from $20.705 million to $17.008 million.

The largest destination of iron ore exports from India was China. The ore exports to China totaled 796,878 tonnes at an average price of $21.3 per tonne. The value of ore exports to China amounted to $16.995 million. The other key importers of iron ore from India were Nepal (815 tonnes, $12.3 per tonne FOB) and Oman (20 tonnes, $150.0 per tonne FOB).

On the other hand, the imports of iron ore by the country plunged heavily during the month. The country’s iron ore imports totaled 352,462 tonnes during Jan ’16, dropping sharply by 79% when compared with the imports of 1.686 million tonnes during January last year. The import prices too have dropped by 31.4% from $83.0 per tonne CFR in January 2015 to $57.0 per tonne CFR in Jan ’16. The value of imports dropped sharply by 86% from $140.016 million to $20.082 million tonnes.

The key exporter of iron ore to India was South Africa. The imports from the country totaled 352,450 tonnes, accounting for bulk of the imports by India during the month. The imports from South Africa were priced at $56.9 per tonne CFR. The only other country to export iron ore to India was the Netherlands. The imports from the country totaled just less than 12 tonnes at an average price of $150 per tonne CFR.

The imports and exports of iron ore pellets were nil during the month of January this year.