In September 2026, India’s exports of iron ore and pellets fell by 67.2% compared with the previous month, to 0.7 million tonnes.
This is the lowest monthly volume in almost four years. The last time the figure was this low was in November 2022, when volumes stood at around 0.3 million tonnes following the introduction of export duties.
Exports of fine and lump ore in September totalled 0.15 million tonnes, whilst exports of pellets amounted to 0.55 million tonnes. Malaysia was the largest destination during the period (0.22 million tonnes). It was followed by China, although shipments of Indian iron ore to that country fell to 0.19 million tonnes in September, compared with 1.63 million tonnes in August.
Weaker Chinese purchases, a decline in iron ore production in India and stable domestic prices led to a fall in export volumes over the month. Meanwhile, the Chinese market was adversely affected by a narrowing of steelworks’ margins and an increase in the volume of maintenance work on blast furnaces.
Domestic prices for iron ore ials in India rose during September, making exports less attractive. For example, the average monthly export offer for pellets in September stood at 7,660 Indian rupees per tonne, compared with 9,530 rupees per tonne on the domestic market.
It should be noted that in the 2025/2026 financial year (which ended on 31 March), India reduced exports of iron ore and pellets by 15% year-on-year – to 25.78 million tonnes. During this period, the country sold this raw material predominantly to China, which accounted for over 90% of overseas shipments.
