The Indian exports of iron ore saw huge decline during the initial ten-month period in 2014, indicates the latest statistics released by Indian Trade and Commerce Ministry. The iron ore exports from the country fell sharply by 26.2% during the period from January to October last year when compared with the previous year.

The iron ore exports from the country totaled 9.03 million tonnes during the initial ten-month period in 2014. The exports had totaled 12.23 million tonne during the corresponding ten-month period during 2013.

The statistics indicate that China continued to remain as the biggest importer of Indian iron ore. The iron ore exports to China totaled 6.47 million tonne during the ten-month period, falling 33.4% year-on-year. In second place was Japan with total iron ore shipments of 1.54 million tonnes during the period. The exports to Japan dropped by 18.4% when compared with the previous year.

The iron ore exports by the country during the month of Oct ’14 alone totaled 268,000 tonnes. The exports for the whole year are estimated to remain within 10 million tonnes in 2014.

The imposition of 30% duty on exports of iron ore lumps and fines has resulted in the sharp fall in exports. In addition, the prevailing mining bans by various states have also led to fall in exports during the period.

Source:- metal.com