Tracking India’s rising role in the global iron ore market from a low base

India’s iron ore imports are shifting gear in 2025.

Bar chart showing India seaborne iron ore demand from 2014 to 2025 in IG branded colours (yellow and blue), based on IFCHOR GALBRAITHS Research data.

While still modest compared to China’s nearly 1.25 Bt per year, India imported 5.9 Mt over January–July 2025 — more than double year on year. If this pace continues, calendar 2025 imports could exceed 12 Mt.

Historically, India’s iron ore imports were price-sensitive and opportunistic, surging during market downturns such as in 2015 and 2018. This year, however, the rebound appears structural, reflecting the country’s double-digit steel output growth and strengthening domestic demand.

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