Market representatives stated that India's iron ore export rate has reached its lowest level since 2018, and a decrease of 24% is expected on a fiscal year basis.
In May 2022, traders in the country imposed an export duty of 50% on parts with iron content below 58%, low quality iron ore and 45% on pellets, to meet the domestic demand for iron ore.
The Indian Mining Federation stated that the demand for iron ore in India, whose export duty was suspended last November, started to increase in February.
The reason for the increase was attributed to the recovery of China's economy.
Between April and January of the 2022-2023 fiscal year, iron ore exports from India to China fell 43% year-on-year to 10.6 million/tonne.
Odisha is India's largest iron ore producing state.
According to the statement of the Odisha mining director, they are experiencing excessive financial time loss in June-December 2022 and due to the export tax in May 2022, it is expected that there will be a 50% cut in iron ore shipments in 2023.
According to market research, in the fiscal year up to March 2022, India sold 21 million/tonne of ore concentrate to China.
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