Iron ore exports from India rose by 27% m/m in November

Exports of iron ore and pellets from India rose sharply in November, increasing by 27.2% compared to October, to 2.76 million tons. In the structure of supplies, 2.51 million tons fell on iron ore (+28.1% month-on-month), and another 250,000 tons on pellets (+19.1% month-on-month). This was reported by SteelOrbis.

In annual terms, exports grew by 51.6%, and total shipments for the 11 months of 2025 reached 37.75 million tons, which is 5% more than in the same period last year. November export volumes are the highest since March.

The growth was driven by several factors. The transition in maritime agreements from Fe 62% to Fe 61% iron ore, which increased the competitiveness of Indian raw materials. Higher prices and stable demand from abroad supported trading activity, and large mining companies increased shipments, often receiving premiums for shipments from specific mines. In November, lump ore shipments also picked up, mainly from ports on the west coast.

China remained the largest importer with 1.79 million tons, followed by Malaysia with 110,000 tons. Rungta Mines and Vedanta Group stood out among the leading exporters: Rungta shipped 930,000 tons (+221% m/m), Vedanta – 700,000 tons (+27.3% m/m), including shipments of lump ore from the east coast.

Prices provided additional support. Iron ore (Fe 57%) rose by $3/t m/m in October – to $69.9/t FOB Paradip, and the discount for low-quality ore narrowed to 14-15%. The short-term outlook for December remains cautiously stable amid expectations of further stimulus in China and pre-season restocking, although long-term risks remain due to global oversupply.

It should be noted that iron ore imports to India will reach a multi-year high this year. According to preliminary data, total iron ore imports amounted to 10.6 million tons in the first 11 months of 2025, of which 1.55 million tons were pellets.