Falling iron ore prices in Chinese spot market might not bring any cheer to Indian iron ore exporters but definitely to Indian steel mills, which are ailing with restricted and expensive supply of iron ore in domestic market.
“Iron ore prices have corrected over 15 dollars in last few sessions.
Falling prices in China means cheap offers for India also.
We are waiting for some offers from South Africa, Ukraine and Mali.
We will not mind importing iron ore if prices are competitive”, said a steel mill owner based on west coast of India.
Indian iron ore production have gone over a period of time on restrictions put by Supreme court in order to check illegal mining.
To match up iron ore requirement for expected steel production of 100 million tons in 2017 from a present 76 million tons, India have to either ramp up domestic production or import it.
India currently imports around 3 million tons of iron ore and pellets annually.
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