India: Iron ore imports drop by 80% y-o-y in CY’20

Iron ore imports to India were recorded at 0.45 mn t in CY’20, down sharply against 2.19 mn t in CY’19, according to data maintained with SteelMint. Monosteel remained the largest importer at 209,000 t followed by AM/NS India and JSW Steel. The imports have dropped amid preference to domestic iron ore/pellets and soaring global iron ore prices. The yearly average global iron ore fines (Fe 62%) prices increased to $108/t, CFR China in CY’20 as against $93.5/t, CFR China in CY’19.