China Scoops Up Cheap Indian Iron Ore in Bid to Trim Steel Costs
- Exports from India have doubled in first eight months of 2023
- Indian iron ore being offered at about $70 a ton: CRU Group
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Indian iron ore exports have surged this year as steel mills, mainly in the biggest buyer China, switched to lower-grade, cheaper feed in the face of dwindling profits.
Combined outbound shipments of iron ore and pellets from the South Asian nation more than doubled in the first eight months of 2023 to almost 28 million tons from a year earlier, according to researcher and rating agency ICRA Ltd., far surpassing the total exports of 2021 and 2022. India will continue to sell about 3 million tons a month to global markets for rest of the year, CRU Group said.