India iron ore exports drop to four-year low

India's iron ore and pellet exports fell by 67.2% in September, reaching a total of 700,000 tonnes. This represents the lowest monthly export volume in four years, with the last similar low recorded in November 2022.

Several factors contributed to this decline, including reduced purchasing from China and the increased attractiveness of the Indian domestic market. While Malaysia was the largest export destination with 220,000 tonnes, shipments to China dropped significantly to 190,000 tonnes, down from 1.63 million tonnes in August.

Domestic price stability in India also played a role. The average monthly asking price for pellet exports in September was 7,660 Indian rupees per tonne, whereas the domestic market price reached 9,530 rupees per tonne, making exports less competitive.