Care Ratings: Iron Ore Update - H1 FY21
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Care Ratings Research Report
Iron ore exports from India surged 70.3% to 29.2 million tonne during H1 FY21 compared with the corresponding period of FY20.
About 92% of total iron ore exports were directed towards China. 27 million tonnes of iron ore were shipped to China which is the highest level seen since FY12.
Other countries to which India exported iron ore were Japan with an export share at 1.9%, Oman at 1.7%, Malaysia at 1.5% and Indonesia at 1.1%.
Lower domestic production and higher exports have resulted into severe scarcity of iron ore in the domestic market and has sent iron ore and steel prices higher.
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