India's iron ore exports declined 55% on the year to 1.82 million tonnes in November, with a 24% month-on-month decrease, according to news agency GMK Center, citing a report from Kallanish Commodities.

China, a key market that accounts for about 90% of India's iron ore exports, was attributed to the sharp decline for its weak market activity. Chinese steelmakers prefer low-grade iron ore, which helps to reduce costs amid fluctuating steel prices.

In November, China's port stocks of iron ore increased 29% on the year to 148.05 million tonnes, significantly reducing additional demand from India.

Although China's steel output rose 3% on the year to 78.4 million tonnes in the month, weak domestic demand for finished steel and growing iron ore stocks limited purchases.

In January-November, India mining companies exported 35.9 million tonnes of iron ore, sliding 3% compared to 2023.