India's exports of iron ore plunged by 90% year on year in October last year, and recorded an year-on-year decline as steep as 96% in September.
benchmark 62%-grade iron ore
Iron ore is primarily used to make steel, an important material in construction and engineering projects — and both Asian nations are on track to consume more. The plate mill of the Jindal Steel and Power Ltd. plant in Raigarh, Chhattisgargh, India, on Feb. 11, 2015.According to Refinitiv, around 60% of global iron ore exports are destined for China.
But while India's exports of iron ore have picked up from December because of that, the move may not be a sustainable one, according to Kpler's I'Anson. He maintains that the exports are unlikely to return to the levels seen in 2020 and 2021.
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