India as a meaningful alternative for Australia or Brazil in the long term.”
Wood Mackenzie senior iron ore analyst Ms Kim Christie said “India has traditionally been a swing supplier. We saw a tighter seaborne supply of iron ore last year, Chinese demand was unusually higher than anticipated and prices were great. India saw an opportunity to increase its exports, and there was also a bit of relaxation in selling ore outside of India. The volume of Indian iron ore exports this year to drift back towards 2019 levels”
According to China’s customs data, China’s imports of Indian iron ore rose 88% YoY in 2020 to 44.8 million tonnes from 23.8 million tonnes in 2019
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