India is likely to export about 20 million tonnes of iron ore in 2022/23, down from 26.3 million last year, the officials said, with China still the biggest buyer by far. In May 2022, the government imposed a 50% export tax on low-grade iron ore lumps and fines - with iron content below 58% - and a 45% export duty on pellets in an effort to meet rising local demand.