Export India iron ore to China plunges 40 percent

India?s iron ore exports to China plunged by nearly 40 percent in October, forcing the dragon nation to looks for other options.

According to China?s energy ministry, October imports from India stood at 2.91 million tonnes, down 39 percent since September and 44 percent compared with the same period of last year.

India accounted for 6.4 percent of China's total ore imports in October, down from 9 percent in September and almost 20 percent in May, before the monsoon season disrupted shipments.

Ore sourced from Brazil rose 3.3 percent in October to 11.78 million tonnes, while Australian imports fell 20 percent from September to 20.72 million tonnes.

Total imports in October stood at 45.715 million tonnes, down 13.1 percent compared with the previous month.

The big three suppliers accounted for 77 percent of total deliveries, down from 80 percent in September, with some of the slack taken up by Iran, Ukraine and Russia.

India banned exports from the key iron ore producing state of Karnataka in July as part of a campaign against illegal mining, and the ban was upheld by a court.

In August, iron ore imports to China dropped by 13 percent. China is the largest buyer worldwide of iron ore, used in its huge steelmaking industry.

The steep drop in China?s seaborne iron ore imports last month took some analysts by surprise, but Beijing?s recent moves to curb property speculation proved very effective to slow steel production.