India: JSW Steel Iron Ore Import likely to touch 0.8 MnT in Jul’14

India’s leading steel producer, JSW Steel has imported 0.4 MnT Iron ore till now and 0.4 MnT Iron ore expected to arrive by month-end.

JSW Steel expects to increase its crude steel production from 12.17 MnT in FY14 to 12.9 MnT in FY15.

In FY14, JSW Steel procured 77% of its Iron ore requirement from Karnataka e-auctions and rest 23% of the raw material came from Chhattisgarh, Odisha and Jharkhand.  But, after mining ban in Odisha, it became difficult for JSW Steel to procure Iron ore from Odisha and it was left with no other option apart from importing the raw material from South Africa & Mauritania.

JSW Steel’s 6^th Iron ore import vessel named G L Lapaz, carrying 86,450 MT Iron ore from South Africa is expected to reach Mangalore port on 30 Jul, 2014. It has imported its last vessel at USD 94.5/MT (CNF prices including import duty) from South Africa.

Continuous fall in global Iron ore prices and stability in Indian rupee (around INR 60.1) against USD have augmented Iron ore imports of JSW Steel.  More import vessels are expected in coming month provided that the market retains at the same level.

JSW Iron Ore Import Vessel Detail

Qty in MT
# Vessel at anchorage
* Vessel expected
Provisional data
Source: SteelMint Research