Iron ore export from India at 10-year low: Macquarie

Export of iron ore from India came to 281,000 tonnes in October, the lowest monthly figure in 10 years, according to preliminary figures cited by Macquarie Group Ltd.

The country's shipments of the steelmaking raw material are down 55 per cent from last year so far in 2012 to 32 million tonnes, the investment bank said yesterday. Deliveries usually rise by 1.5 million tonnes in October from the prior month, according to Macquarie, which cut its forecast for Indian iron ore export next year to 25 million tonnes.

India was the world's third-largest shipper of the commodity in 2011. The country will deliver about 38 million tonnes this year, half the 2011 level, before a further 16 per cent drop next year, Paris-based researcher Alphabulk said in September. Mining and export curbs affected shipments, it said.