Indian iron ore import for the duration FY19 (Apr-Feb’19), have recorded at 12.07 MnT, up 69% compared to 7.14 MnT for same duration FY18 (Apr’17-Feb’18). In Feb’19 iron ore imports to India was recorded at 659,774 MT according to the customs data maintained by SteelMint. The imports have witnessed increase on monthly basis as against 242,384 MT in Jan’19.
Indian iron ore imports increased in FY19 amid lowered discounts on low grade imported ore making it cost effective over domestic ore.
Why have Indian iron ore imports increased in Feb’19?
Krishnapatnam port had declared Force Majeure for vessels having Draft above 14.50 MnT since 15 Dec’18. However, the port resumed during the month of Feb’19 facilitating iron ore imports. The imports at Krishnapatnam recorded 0.17 MnT for the month against being nil in Jan’19.
JSW Steel remains the largest importer in Feb’19
India’s major steel maker– JSW stood the largest importer contributing 76% of total iron ore imports for the month of Feb’19 at 0.50 MnT. The imports stood up as against 0.19 MnT in Jan’19. The company imported 0.33 MnT from Australia and remaining 0.17 MnT from Brazil.
Jindal SAW contributed remaining 24% share of imports at 0.16 MnT in Feb’19 against being nil a month before.
Imports from Australia increased 76% in Feb’19
Indian iron ore imports from Australia recorded at 0.33 MnT (up 76% M-o-M) against 0.19 MnT a month ago. Brazil stood second largest exporter to India at 0.17 MnT followed by South Africa at 0.16 MnT.
Leave a Reply