Indian iron ore imports were registered at 0.28 MnT in Apr’17. Iron ore imports have seen considerable decrease of 35% M-o-M and twice as much Y-o-Y as 0.43 MnT iron ore was imported in Mar’17 and 0.93 MnT in Apr last year.
Only two shippers received the material and JSW Steel remains the largest iron ore importer with 59% share at 0.16 MnT iron ore. However, JSW Steel imported 52% less quantity compared to a month earlier. Remaining quantity was ordered by KIOCL. KIOCL had no overseas purchases in Mar’17.
It is observed that monthly average iron ore fines (Fe 62%) index, which stood at USD 87/MT, CFR, China in Mar’17, substantially moved down and stood at USD 70/MT in Apr’17.
The slowdown of import is being understood as the result of higher global iron ore prices in the last month that stood between USD 91/MT, CFR, China from the start of Mar’17 to USD 79/MT, CFR, China till the end of the month. However, at present consistently falling prices of global iron ore may give a boost for higher imports in coming months.
Country-wise Import:
Brazil accounted for 59% share in Indian iron ore imports for the Month of Apr’17 at 0.16 MnT, remaining 41% material was imported from Oman at 0.12 MnT.
Port-wise Import:
Jaigarh and Mangalore were the two ports that imported the material in Apr’17. The larger share of 59% quantity at 0.16 MnT material was imported at Jaigarh port and the remaining was imported at Mangalore.
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