India iron ore exports jump in Apr'26 on stronger Chinese bookings, improved logistics

• Iron ore and pellet exports rise 39.6% m-o-m to 2.29 mnt in April
  
  
• China-bound shipments strengthen after post-holiday demand revival
  
  
• Pellet exports remain weak amid pricing gaps and cautious buying
  
  

Morning Brief: India's iron ore and pellet exports increased by 39.6% m-o-m to around 2.29 million tonnes (mnt) in April 2026, as per BigMint data, against 1.64 mnt in March. The total included 2.14 mnt of iron ore and 0.15 mnt of pellets.

The sharp increase was driven by stronger Chinese bookings, improved vessel availability, and execution of previously delayed cargoes following easing freight disruptions. March volumes had also remained relatively weak due to Lunar New Year-related slowdown in Chinese buying activity, amplifying April's m-o-m increase.

However, while iron ore exports recovered strongly, pellet shipments continued to remain subdued amid weak deal closures, persistent pricing gaps, and cautious buyer sentiment.

China bookings support export recovery

Exports to China increased sharply from 1.14 mnt in March to 1.81 mnt in April, supported by post-holiday restocking and improved mill procurement activity ahead of the Labour Day holidays.

Chinese mills increased spot bookings on falling portside inventories, supported by relatively stable Fe 61% fines prices at around $107-108/t CFR China. A modest improvement in blast furnace operations also aided demand recovery.

Mysteel's tracking of 247 Chinese blast furnace steelmakers showed average daily hot metal output increased by 5.2% m-o-m in April to 2.39 million tonnes/day, indicating firmer raw material consumption.

At the same time, iron ore inventories at 34 major Chinese ports declined to around 160 mnt, the lowest since mid-January, supporting spot bookings despite still-high overall stock levels.

Improved logistics aid shipment execution

Export activity also improved as vessel availability normalised following easing disruptions linked to US-Iran tensions, which had earlier tightened freight rates and vessel availability and delayed shipments.

With logistics conditions improving, exporters were able to execute pending cargoes and conclude fresh spot deals for April laycans, lifting dispatch volumes during the month.

Pellet exports remain weak

Unlike iron ore, pellet exports failed to participate in the recovery, with demand constrained by a wide bid-offer gap and cautious buyer sentiment.

Higher freight costs and geopolitical uncertainty continued to weigh on trade activity, limiting deal closures. Only a single pellet export deal was reported during the period, highlighting continued weakness in the pellet market.

Top exporters, ports

Rungta Mines remained the largest exporter in April, contributing around 0.68 mnt, followed by OCL Iron and Ispat at 0.31 mnt. ArcelorMittal Nippon Steel and Vedanta exported around 0.21 mnt and 0.11 mnt, respectively.

The east coast remained active, led by Dhamra port with shipments of 0.92 mnt, followed by Paradip at 0.73 mnt and Redi port at 0.19 mnt.

Outlook

Iron ore export activity is expected to remain supported in the near term, backed by stable benchmark prices and residual post-holiday demand from China.

However, elevated Chinese inventories and competition from alternative suppliers are likely to cap any sharp increase in shipments. Pellet exports are also expected to remain under pressure amid persistent pricing gaps and cautious buying activity.