India's iron ore, pellet exports plunge 60% y-o-y in CY22

India's iron ore and pellet exports in the CY'22 (January-December 2022) plunged 57% to 15.91 million tonnes (mnt) as against 37.11 mnt seen in the same period of 2021, as per data maintained with SteelMint.

The share of iron ore exports during the period was 8.48 mnt, a sharp 68% y-o-y drop from 26.8 mnt in CY'21. Pellets exports in the period under review dropped 28% to 7.44 mnt from 10.31 mnt in the same period of last year.

Iron ore and pellet exports were badly hit post the imposition of export duties on 22 May. The export duty on iron ore with more than Fe58% content was raised from 30% to 50% ad valorem, while a duty of 50% was imposed on iron ore below Fe58%, and 45% on iron ore pellets.

China largest importer, but volumes fall - India's iron ore exports to China stood at 7.6mnt, falling by 70%. Similarly, pellet exports to China fell by 34% y-o-y to 4.6 mnt in CY22.

Rungta mines top iron ore exporter - Rungta Mines remained the largest iron ore exporter in CY'22 at 1.75 mnt followed by Praful Enterprise and Vedanta at 1.39 mnt and 1.38 mnt, respectively.

AM/NS India top pellet exporter - AM/NS India was the largest pellet exporter in CY'22 at 2.26 mnt followed by KIOCL and BRPL at 1.38 mnt and 1.13 mnt, respectively.

However, iron ore and pellet exports have picked up post removal of the 45% export duty on pellets and the removal of export duty on low-grade iron ore. The recent recovery in global iron ore prices has also kept export bookings from India supported.

Notably, pellet exports from India have resumed after a gap of four months, with shipments recorded at 800,000 t in December. Also, iron ore exports from India rebounded to 1.4 mnt in December.