India's Oct Iron Ore Exports Drop 30.4% y/y.

NEW DELHI: India's iron ore exports in October fell 30.4 percent from a year earlier to 6.4 million tonnes, data from a trade body showed on Wednesday, reflecting the impact of an export ban from a key state.

Most of the sales from the world's third-largest supplier of the steel-making raw material go to China, the leader producer steel. India had exported 9.2 million tonnes of the ore in October last year.

Exports during April-October this year fell 12.8 percent to 46.4 million tonnes from 53.2 million tonnes a year earlier, data from the Federation of Indian Mineral Industries (FIMI) showed.

Overseas sales have been slowing after the southern state of Karnataka stopped exports in July from 10 ports and stalled their movement to other ports, citing a drive against illegal mining and the need to preserve the resource for local use.

The state accounts for around a quarter of India's annual iron ore exports of more than 100 million tonnes.

On Tuesday, two Indian iron ore miners said they would challenge the ban on iron ore exports in the country's top court, a move that would instil hopes of a revival in flagging exports.

Source : economictimes.indiatimes.com