Indian iron ore imports have increased by 15.6% in the month of Nov’16. JSW Steel imported highest quantity of iron ore. Rest all the importers kept themselves away from importing iron ore due to sharp increase in iron ore prices.
In Nov’16, imports were registered at 559,200 MT against 483,360 MT in Oct’16. However, on Y-o-Y basis, there is 118% growth in iron ore imports as it was recorded at 256,000 MT in Nov’15.
In the first eight months of FY17, Indian iron ore imports stood at 4 MnT, up by 17.6% Y-o-Y as it was 3.4 MnT during the same period last year.
It is observed that monthly average iron ore fines (Fe 62%) index, which stood at USD 58.2/MT, CFR China in Oct’16, have moved up sharply and witnessed at USD 72.5/MT, CFR China in Nov’16.
In Nov’16, JSW Steel and Kamachi Group brought imported iron ore. JSW Steel imported the highest quantity of iron ore. It is to be noted that JSW Steel has long term contract with Brazilian and South African miners to procure iron ore.
JSW Steel imported highest quantity of iron ore: JSW Steel imported 498,700 MT iron ore against 331,160 MT iron ore in Oct’16. In Nov’16, the steel maker importer highest quantity of imported last month starting Apr’16.
Single iron ore import shipment observed in South India: In Southern India, Kamachi Group imported a single shipment of 60,500 MT imported lumps from South Africa at Krishnapatnam Port. However, the shipment bought was hedged cargo which was booked 1-2 months prior when global iron ore prices were down.
All the imported iron ore shipments bought were from South Africa & Brazil. In Nov’16, out of the total quantity imported, 498,700 MT (89%) iron ore was from Brazil and 60,500 MT (11%) from South Africa.
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