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India's iron ore exports declined by a staggering 27.56% in the first 11 months of the current fiscal due to restriction on mining acrossall major states coupled with high export duty making shipment unviable.
Data compiled by the apex mining body the Federation of Indian Mineral Industries (FIMI) showed India's iron ore exports fell to 12.57 million tonnes during the period between April 2013and February 2014 compared with 17.35million tonnes in the corresponding period last year.
Most importantly, India's two leading iron ore exporting countries- China and Japan- bought less quantity this year versus last year. Shipments to China fell by a staggering 31.29% to 10.44 million tonnes during the first 11-month period of the current fiscal as compared to15.20 million tonnes in the same period last year.
Japan also imported 8.12% less iron ore from India at 1.65 million tonnes versus 1.80 million tonnes. Iron ore exports to South Korea jumped to 420,000 tonnes so far this year versus 138,000 tonnes in the same period previous year.
