Indian Iron Ore Imports Hit Record High in Jan’18 – Port Data

Post closure of mining operations at five mines in Odisha, Indian steel mills remained attracted towards imports to make up for less material availability in the domestic market.

Indian iron ore imports increased fivefold to 1.95 MnT in Jan’18 against 0.38 MnT in Dec’17, according to the customs data maintained by SteelMint. India’s monthly iron ore import volumes in Jan’18 is highest since Feb’15. This volume was last seen in Feb’15 when some mines in the states of Odisha and Jharkhand were ordered to close after the expiry of licenses.With mining operations getting shut at five working iron ore mines in Odisha who were not able to submit penalty amount by 31 Dec’17 as per SC verdict, Indian steel mills turned active for imports.

On yearly basis, iron ore imports increased sharply to almost three-fold in Jan’18. India’s imports were registered at 0.73 MnT in Jan’17.

In the first ten months of FY’18 Iron ore imports were up 18% to 6.07 MnT against 5.13 MnT in the same period last year.

JSW Steel’s iron ore imports in Jan’18 witness steep rise –

India’s major steel maker– JSW has imported 1.49 MnT iron ore from Brazil and Australia in Jan’18 and turned out to be the largest importer. Out of 1.49 MnT iron ore imported by JSW Steel in Jan’18, 0.85 MnT iron ore was imported at Jaigarh port and 0.57 MnT iron ore imported at Krishnapatnam Port and the remaining 0.07 MnT in Karaikal Port. JSW generally imports ore as hedged cargo under long-term contracts.

Shreeyam Power and Steel Industries remained the 2nd largest iron ore importer in Jan’18 at 0.18 MnT followed by Jindal SAW (0.17 MnT), Swiss Singapore (0.06 MnT) and Gallant Metal/Varsana Ispat (0.06 MnT).

Australia turned out to be the largest source for iron ore imports in Jan’18 – Australia registered 42% share of Indian’s iron ore import in Jan’18 with an import volume of 0.82 MnT followed by Brazil (0.68 MnT) and South Africa (0.46 MnT).

Jaigarh Port accounted for largest iron ore imports in Jan’18 -Jaigarh port accounted for 44% share in Jan’18 iron ore imports to India followed by Krishnapatnam (0.57 MnT), Kandla (0.24 MnT) and Mundra (0.17) MnT, Karaikal (0.07 MnT) and Mormugao 0.06 MnT.