India's iron ore exports to China in November rose to 8.74 million mt, compared to 4.13 million mt in October, but were still lower than the 10.16 million mt for November last year.
The sharp 60 percent decrease in prices from $147/mt earlier this year has led to increased overseas demand for Indian ore. The low prices of Indian iron ore in the spot market have in particular caused Chinese steelmakers to focus again on sourcing raw materials from India instead of depending on long-term agreements with the Australian and Brazilian mining firms.
Between April and October 2008, India exported 50.8 million mt of iron ore, a drop of 12 percent over the same period last year, according to the combined data of Minerals and Metals Trading Corporation, Goa Mineral Ore Exporters' Association, Kudremukh Iron Ore Company and private market players.