Indian Iron Ore Imports Down by 13% Y-o-Y in CY’17

Indian iron ore import moved down by 13% in CY’17 to 5.5 MnT against 6.33 MnT last year. Increased domestic availability of iron ore resulted, steelmakers to prefer domestic iron ore than imported iron ore.

Yearly average global iron ore fines (Fe 62%) prices increased by 22% Y-o-Y to USD 71/MT, CFR China in CY17 compared to USD 58/MT, CFR China in the previous year. High global iron ore prices and comparatively cheaper domestic material resulted in fall in import volumes.

On monthly basis, iron ore imports were recorded at 0.38 MnT in Dec’17 according to the customs data maintained by SteelMint. India’s imports were down by 44% M-o-M against 0.68 MnT in Nov’17. Imports were also down by 5% Y-o-Y in Dec’17 against 0.40 MnT in Dec’16.

JSW Steel was largest iron ore importer in CY’17  -:

India’s major steel maker– JSW has imported 2.74 MnT iron ore from Brazil and Australia in CY’17 and turned out to be the largest importer. Out of 2.74 MnT iron ore imported by JSW Steel in CY’17, 2.15 MnT iron ore fines was imported at Jaigarh port and remaining 0.59 MnT iron ore was imported at Krishnapatnam Port. JSW generally imports ore as hedged cargo under long-term contracts.

Kamachi Group remained the 2nd largest importer in CY’17 at 0.43 MnT followed by Kudremukh Iron Ore Company (0.42 MnT).

On monthly basis, JSW steel imported 0.23 MnT in Dec’17 from Brazil and South Africa against 0.34 MnT in Nov’17. Other major importers were Kamachi Group & KIOCL.

Shipper –Wise Iron ore Imports in CY’17-:

Brazil turned out to be the largest source for iron ore imports in CY’17-Brazil registered 41% share of Indian’s iron ore import in CY’17 with an import volume of 2.25 MnT followed by SouthAfrica (2.08 MnT) and Australia(0.0.76 MnT).

On monthly basis, Brazil remains on the top exporter to Indian recorded 45% share to 0.17 MnT in Dec’17 followed by South Africa 0.14 MnT and Oman 0.07 MnT.

Jaigarh Port accounted for largest iron ore imports in CY’17 -Jaigarh port accounted for 39% share in CY’17 iron ore imports to India followed by Krishnapatnam (1.24 MnT), Kandla (0.62 MnT) and Mangalore (0.42) MnT.

On monthly basis, Jaigarh Port accounted for largest share of import of iron ore with 61% share to 0.23 MnT in Dec’17 followed by Krishnapatnam 0.08 MnT and Mangalore 0.07 MnT.