Indian iron ore imports were registered at 5.36 MnT in FY17 during Apr-Feb’17. Iron ore imports have registered an increase 11% Y-o-Y as 4.8 MnT iron ore was imported during the same period last year.
JSW Steel remains the largest iron ore importer. However, the increased global iron ore prices that touched 30 month high in Feb at USD 95/MT have impacted the import quantity.
In Feb’17, imports were registered at 224,710 MT against 728,460 MT in Jan’17 down 69% and compared with the numbers for Feb’16 it was down by 48% Y-o-Y which was 433,700 MT iron ore.
It is observed that monthly average iron ore fines (Fe 62%) index, which stood at USD 80.18/MT in Jan’17, substantially moved up and stood at USD 88.2/MT in Feb’17.
JSW Steel remains highest importer, 3.2 MnT iron ore imported in FY17 (till Feb’17)
JSW Steel turned out to be the highest importer of iron ore. The steelmaker imported 3.2 MnT iron ore in FY17 (Apr-Feb’17), however the imports were 1.2 MnT by the buyer for the period in FY16. It is to be noted that JSW Steel has long term contract with Brazil and South Africa miners to procure iron ore.
Two shipments were procured for the month of Feb’17
West India based steelmaker has procured a shipment from Brazil with 164,810 MT iron ore and another was procured by a south based manufacture from Iran with 59,900 MT iron ore.
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