Key Market Indicators
Indian iron ore exports are projected to decline sharply, falling from approximately $761 million in 2023 to around $276 million by 2028. This represents a year-on-year compound annual growth rate (CAGR) decrease of 16%. Since 1993, India's iron ore supply has consistently dropped by 9.5% each year. In 2023, India ranked 12th in iron ore exports, with the United States overtaking Indian exports at the same value of $761 million. The top three exporters in this category were Brazil, Canada, and South Africa. In contrast, Indian iron ore imports are on the rise. By 2028, imports are expected to reach about $1.45 billion, up from approximately $1.15 billion in 2023, showing an average annual growth rate of 3.5%. Since 1993, Indian demand for iron ore has increased by 2.2% annually. In 2023, India was the 8th largest importer of iron ore, with Egypt surpassing it at the same import value of $1.15 billion. The leading importers were Japan, South Korea, and Germany, respectively.
