Exports of iron ore and pellets from India rose by 40% y/y in April

Exports of iron ore and pellets from India rose by 39.6% in April compared to the previous month, totaling approximately 2.3 million tons (up from 1.64 million tons in March). The total volume included 2.14 million tons of iron ore and 0.15 million tons of pellets. This was reported by BigMint.

The sharp increase in figures was driven by the following factors:

• growing demand from China: exports to this country rose to 1.81 million tons (1.14 million tons in March) due to post-holiday restocking and increased purchases ahead of Labor Day;
• logistics: improved vessel availability and the shipment of previously delayed cargoes following the stabilization of the transportation situation.

Despite the resumption of ore exports, pellet shipments remain at a low level. The main obstacles were:

1. Weak deal-making dynamics.
2. Significant divergence in price expectations (price gap).
3. Buyer caution due to high freight costs and geopolitical uncertainty.

Iron ore exports are expected to remain stable in the near term due to firm underlying prices and residual demand from China.

However, further rapid growth in shipments may be limited by inventory buildup in China and increased competition from other suppliers. The pellet segment is likely to remain under pressure due to price disputes and low buyer activity.

As reported by GMK Center, India reduced its exports of iron ore and pellets by 15% year-on-year in the 2025/2026 fiscal year (ended March 31) – to 25.8 million tons. Exports of fine and lump ore for the period totaled nearly 22.3 million tons (-3% year-on-year), while overseas sales of pellets are estimated at 3.5 million tons (-53% year-on-year). In the 2025/2026 fiscal year, India sold iron ore primarily to China—this country accounted for over 90% of exports of this product during the period.