In the 2025/2026 fiscal year (ending March 31), India reduced its exports of iron ore and pellets by 15% year-over-year, to 25.78 million tons, according to data from BigMint.
Exports of fine and lump ore for the period totaled nearly 22.31 million tons (-3% year-on-year), while overseas sales of pellets are estimated at 3.47 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. However, the volume of these shipments fell to 24.21 million tons compared to 27.8 million tons in the previous fiscal year.
Iron ore exports from India were slowed by the decline in steel production in China in 2025, the drop in global iron ore prices last year, and the increase in discounts on lower-grade fine ore in the seaborne market. Additionally, exports were constrained by rising domestic demand. Steel production in the country in the 2025/2026 fiscal year rose by 11% year-on-year – to 168 million tons, while consumption of steel products increased by 7% year-on-year – to 162 million tons. This led to higher domestic absorption of iron ore. According to sources, domestic sales prices for iron ore also rose.
The decline in steel production in China and weak global prospects are likely to continue putting pressure on iron ore exports from India.
As a reminder, iron ore imports to India were projected to rise to a seven-year high in the 2025/2026 fiscal year due to a domestic shortage of high-quality raw materials and demand from JSW Steel. As noted by analysts and industry executives, total imports for the period are likely to reach 12–14 million tons, more than double the figure for the previous fiscal year.
