India: Iron Ore Market 2025

Iron Ore Market Size in India

The Indian iron ore market was finally on the rise to reach $X in 2021, after two years of decline. In general, consumption, however, continues to indicate a noticeable reduction. Iron ore consumption peaked at $X in 2013; however, from 2014 to 2021, consumption failed to regain momentum.

Iron Ore Production in India

In value terms, iron ore production rose markedly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a perceptible contraction. The pace of growth was the most pronounced in 2013 with an increase of 408%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Iron Ore Exports

Exports from India

In 2021, overseas shipments of iron ores and concentrates decreased by -31.9% to X tons for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports, however, recorded a notable expansion. The growth pace was the most rapid in 2016 with an increase of 680%. The exports peaked at X tons in 2020, and then dropped remarkably in the following year.

In value terms, iron ore exports reached $X in 2021. In general, exports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2016 when exports increased by 377% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the near future.

Exports by Country

China (X tons) was the main destination for iron ore exports from India, accounting for a 86% share of total exports. It was followed by South Korea (X tons), with a 2.2% share of total exports. Indonesia (X tons) ranked third in terms of total exports with a 2.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to China totaled +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+9.3% per year) and Indonesia (+77.0% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from India, comprising 82% of total exports. The second position in the ranking was held by South Korea ($X), with a 3.3% share of total exports. It was followed by Indonesia, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +5.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+15.5% per year) and Indonesia (+193.9% per year).

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, rising by 58% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron ore export price increased by +151.5% against 2016 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+65.5%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into India

In 2021, purchases abroad of iron ores and concentrates increased by 639% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports posted a prominent expansion. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, iron ore imports soared to $X in 2021. Overall, imports, however, continue to indicate a slight contraction. The growth pace was the most rapid in 2014 with an increase of 320%. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Brazil (X tons), Australia (X tons) and South Africa (X tons) were the main suppliers of iron ore imports to India, together comprising 99.9% of total imports.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +37.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), South Africa ($X) and Australia ($X) appeared to be the largest iron ore suppliers to India, together accounting for 100% of total imports.

Brazil, with a CAGR of +29.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average iron ore import price stood at $X per ton in 2021, shrinking by -51.3% against the previous year. Over the period under review, the import price showed a abrupt slump. The most prominent rate of growth was recorded in 2020 when the average import price increased by 62%. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Australia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+134.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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