Indian Iron Ore Imports Remain Close to 1 MnT in April

Indian iron ore imports in Apr’18 decreased by 34% to 0.97 MnT, as against 1.46 MnT in Mar’18, according to the customs data maintained by SteelMint. However, on yearly basis iron ore imports increased to more than three-fold against 0.28 MnT in Apr’17.

Average global iron ore fines (Fe 62%) prices decreased by 4% M-o-M to USD 66/MT, CFR China in Apr’18 compared to USD 69/MT, CFR China in the previous month.

For the duration Jan-Apr’18, the total imports witnessed at 5.46 MnT, up by more than thrice the imports for same duration previous year (Jan-Apr’17).

Indian iron ore lump imports by west & south India based importers have remained stable in last few months and they have booked decent quantities for May deliveries as well. JSW Steel has increased its iron ore imports at Krishnapatnam port in last few months resulting in decline in iron ore purchases from Karnataka e-auctions.

JSW Steel’s Iron Ore Imports down 41% M-o-M in Apr’18 –

India’s major steel maker– JSW Steel has imported 0.67 MnT iron ore in Apr’18 and turned out to be the largest importer, contributing 69% of total import share for the month. However, the imports witnessed significant decline of 41% M-o-M against 1.13 MnT in Mar’18. Out of 0.67 MnT iron ore imported by JSW Steel from Australia in Apr’18, 0.5 MnT was imported at Krishnapatnam port and rest 0.17 MnT at Jaigarh port.

Kamachi Group stood second largest importer at 0.15 MnT (up more than two fold M-o-M). Other importers were Goa sponge at 0.11 MnT and Sree Rengaraaj Ispat at 0.05 MnT .
JSW generally imports ore as hedged cargo (concentrate and fines) under long-term contracts.

Australia continued be the largest source for Indian iron ore imports in Apr’18 –

Australia registered 69% share of Indian’s iron ore import in Apr’18 with an import volume of 0.67 MnT, down 41% against Mar’18 imports at 1.13 MnT. South Africa contributed remaining 31% of imports with total volume at 0.30 MnT ,fall of 9% M-o-M.

In Apr’18, Indian imports from Brazil witnessed nil. Owing to pipeline leakage detected at Minas Rio mines, have been shutdown for a period of 3 months since 29th Mar’18.

Krishnapatnam Port accounted for 67% iron ore imports in Apr’18 –

Krishnapatnam port accounted for 67% share in iron ore imports in Apr’18(down 21% M-o-M), turned out to be the highest importing port with 0.65 MnT ore, followed by Jaigarh at 0.17 MnT(down 55%), Mormugao at 0.11 MnT and Tuticorine at 0.05 MnT.