Indian Iron Ore Import See Sharp Rise in Jul’16

Indian iron ore imports stood at 326,750 MT in Jul’16. Iron ore imports were significantly up by around 92% M-o-M. In Jun’16, iron ore imports were registered at 170,000 MT.

On the other hand, iron ore imports drop down significantly by 50% Y-o-Y basis, as it was 652,500 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 first four months of FY17, Indian iron ore imports registered at 1.65 MnT. Imports were significantly down by 41% Y-o-Y as it was 2.79 MnT in the same consecutive period prior this year.

All the imported cargos bought in the month of Jul’16 was booked in the month of Jun’16 when global iron ore prices were lower. In June’16, the monthly average of global iron ore index was at USD 51/MT, CFR China, which was down by USD 4.5/MT from the month of May’16.

In Jul’16, Essar Steel imported around 74,150 MT after a time span of 2 months. Alongside, Goa Sponge & Power bought a cargo carrying 75,000 MT iron ore after a time span of 1 month.

All the imported iron ore shipments bought were from South Africa & Brazil. Out of the total quantity imported in the month of Jul’16, 252,600 MT iron ore was from South Africa and 74,150 MT from Brazil.

Indian iron ore import in Jul’16

 Qty in MT
Provisional data
Source: SteelMint Stats, Customs