Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

India’s iron ore exports soared by 175pc in April in values terms compared to the prior year. Iron and steel exports rose by 73.19pc in April. Bearing in mind the disruptions in 2020, if we compare with April 2019, iron ore exports rose by 219.5pc in the last month, according to preliminary official data. In value terms, iron ore exports in April rose by $435.86mn from April 2019.


Robust steel demand in China and recovery in global steel demand, as well as steel prices, made exports favourable to Indian steelmakers. A lockdown in the domestic market drove prices but hurt demand from the auto, manufacturing and construction sectors. Most automakers have curbed production amid low sales, while construction projects have slowed amid a shortage of workforce due to restriction in movement. Also, a steep rise in COVID-19 cases has led to the diversion of industrial oxygen for medical use, thereby constraining production and manufacturing activities in various industries.


In March, in dollar terms, Indian iron ore exports rose by 194.89pc to $720.88mn from the prior year. For the full year (April 2020 – March 2021) exports rose by 86.78pc to $49,028.7mn from $26,249.6mn in the prior year.


Meanwhile, imports of iron and steel in March rose to $855.22mn, up by 55.30pc from the prior year and for the full year it dipped to $12,050mn, down by 21.60pc from a year ago.

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