India’s iron ore consumption expected to hit 255-260 mnt by FY25: SteelMint analysis

India’s iron ore consumption is slated to increase to 255-260 million tonnes (mnt) by financial year 2024-25 (FY25), as per a SteelMint forecast. In FY2019-20 (FY20), iron ore consumption was at around 185-190 mnt. This indicates that the jump in FY25 compared to FY20 would be over 35%.

India’s iron ore consumption has been steadily rising over the last decade, on the back of increased crude steel and sponge iron production. In FY15, iron ore consumption increased to around 138 mnt from 102 mnt in FY10.