Indian iron ore imports have fallen from 2,141,315 MT in Q1 FY16 to 1,041,100 MT in Q2 FY16.
Iron ore imports to India have fallen by 51% Q-o-Q in Q2 FY16. Prime reason for it is resumption in mining operations at banned mines in Odisha, which lead to increased domestic availability further leading to fall in domestic iron ore prices. Prices in other mineral rich states of the country, Chhattisgarh and Karnataka, also witnessed downfall, making domestic offers lucrative to imported ones. Therefore, despite fall in global prices domestic ore remained a preference.
Steel giants, namely, JSW Steel and Essar Steel which remained major importers in 1st quarter of this fiscal, later shifted their interest towards domestic market. Thus, iron ore imports to India dropped significantly.
Indian Iron Ore Imports at 319,000 MT in Sept’15
Iron ore imports to India have been recorded at 319,000 MT in Sept’15 against 69,600 MT in Aug’15. Last month noticed 3 iron ore import shipments, out of which 2 were by Gujarat based plants. And the remaining one was a trial shipment for KIOCL under its long term trade agreement (LTA) for supply of iron ore pellet exports to Iran.
Indian iron ore imports in Sept’15
|
Date |
Qty | Shipper | Country | Unloading Port |
Vessel |
| 18 Sep’15 | 72,500 | KIOCL | Brazil | Mangalore | Navios Sagittarius |
| 27 Sept’15 | 155,800 | N/A |
South Africa |
Mundra | C Oasis |
| 28 Sept’15 | 90,700 | Mono Steel/Varrsana Ispat/ Gallant Metal | Kandla | Indus Victory | |
| Total | 319,000 |
Qty in MT
N/A: Not Available
Provisional data
Source: SteelMint Research, Customs
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