Indian Iron Ore Imports at 0.9 MnT in May’15

Iron ore imports to India have increased by 200% M-o-M in May’15.

Iron ore imports to India have increased significantly in May’15 to 0.9 MnT from 0.3 MnT in Apr’15. JSW Steel was the largest importer at 0.3 MnT followed by Essar Steel at 0.2 MnT. 0.7 MnT i.e. 78% of the total iron ore imports in the month of May’15 were from South Africa. Other preferred countries were Venezuela & Australia.

Offers for imported lump from South Africa remain stable at USD 80/MT, CIF India for shipments to arrive in last week of June or early weeks of Jul’15.

With spot iron ore prices witnessing uptrend, market participants are anticipating Indian iron ore imports to find some resistance which might give some relief to the iron ore miners and  pellet makers in the domestic market. Spot iron ore fines (Fe 62%) are at USD 64/MT, CNF China.