Indian iron ore imports stood at 230,000 MT in May’16. Imports were drastically drop down by 75% M-o-M in May’16. In Apr’16, iron ore imports were registered at 928,800 MT. Pellet import to India stood at 65,500 MT in May’16. Only Essar Steel imported 65,500 MT pellets from Bahrain.
On similar lines, Indian iron ore imports drastically drop down by 75% on a Y-o-Y basis, as it was 917,455 MT in the same consecutive month prior this year. In FY16, iron ore imports were registered at 5.6 MnT, down by around 63% as compared to FY15 as it was 15.1 MnT.
In May’16, only two importers bought the cargo. The key importers were JSW Steel at 160,000 MT and second was Goa Sponge & Power, which imported 70,000 MT iron ore. Market sources shared that none of the importers booked new cargo in the month of May’16, rather bought the held cargoes that were booked in the month of Apr’16. Both the import shipments registered last month were from Brazil and South Africa
Indian iron ore import in May’16
| Date | Shipper | Quantity (MT) | Material Type |
Vessel Name |
Loading Country |
Unloading Port |
| 09 May’16 | JSW Steel | 160,000 | N/A | Certaux | Brazil | Jaigarh |
| 30 May’16 | Goa Sponge & Power | 70,000 | Lumps | Harvest Sky | South Africa | Mormugao |
Qty in MT
Provisional data
Source: SteelMint Stats, Customs
Amid volatility in iron ore prices in the global market, Indian iron ore importers are hesitant and turned silent. Few steel makers in southern regions of India have kept themselves away from importing iron ore.
Towards the end of May’16, when global iron ore prices dropped down drastically and reached USD 50/MT, offers for imported iron ore lump stood in the range of USD 65-66/MT, CFR India.
Southern based steelmakers, who contribute the majority of share in Indian iron ore imports are preferring domestic lump or pellet over imported ore. They have aggressively increased buying of lump or pellets from Karnataka iron ore e-auctions since the purchase of imported ore have become unviable.
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