Rupee depreciation has offset the impact of 5% export duty on Indian iron ore as Chinese steel companies are trying to slowly roll back production cuts. India's iron ore exports jumped 21.53% to 13.9 million tonnes in January 2009 against 11.5 million tonnes in January 2008.

Independent steel and natural resources consultant AS Firoz said:

Iron ore f.o.b. prices had fallen to $60-65 per tonne in December which made Indian ore attractive. Chinese steel makers bought iron ore in bulk, which is showing in higher iron ore export figures.

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