Iron ore exports from India have soared in recent weeks!

Recovering after the monsoon season and supported by iron ore prices trending upwards in 2H’23, India’s iron ore exports have climbed above 5-year high levels.

India Iron Ore Exports January 2024

Ending 2023 with a week at 1.6Mt/wk, up +167% YoY, the pace started 2024 with another strong week at 1.3Mt/wk, +124% YoY! Consequently, SGX Feb’24 contract retraced -12.5% from its peak at 143.5$/t on 03-Jan down to 125$/t today. Whilst that performance affected negatively the pricing of the marginal tonne of iron ore, it might also have started contributing to support spot rates for Panamax in the Pacific!

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