Iron ore imports to India which remained nil in Oct’15 have ascended in Nov’15. Last month iron ore imports to India were recorded at 256,000 MT.
JSW Steel was the largest importer and imported 142,000 MT high grade pellet feed (concentrate) from Brazil. Other iron ore importers were Bagadiya Brothers and Kamachi Group which imported 59,900 MT and 54,100 MT iron ore from South Africa.
Imported South African lump in Nov’15 traded in the range of USD 55-60/MT, CIF west coast of India. Offers for early Jan’16 delivery remain at USD 54/MT, CIF west coast of India.
Indian iron ore imports in Nov’15
|
|
Qty | Shipper | Country | Unloading Port |
|
| 04 Nov’15 | 59,900 | Bagadiya Brothers | South Africa | Kandla | Alam Sayang |
| 08 Nov’15 | 142,000 | JSW Steel | Brazil | Jaigarh | K Ambition |
| 21 Nov’15 | 54,100 | Kamachi Group | South Africa | Krishnapatnam | Yasa Emirhan |
| Total | 256,000 |
Qty in MT
Provisional data
Source: SteelMint Stats, Customs
Falling global iron ore prices made imported ore cheaper. Global iron ore prices have fallen by USD 6/MT since beginning of Nov’15. Fines (Fe 62%) prices was at USD 49/MT, CFR China in beginning of Nov’15 which fell to USD 43/MT, CFR China by month end.
Bearish sentiments in China kept lump buying low which prevented spot iron lump premium from escalating. Towards the end of Nov’15 spot iron lump premium was recorded at USD 0.05/DMT for Fe 62% lump cargoes.
Pellet imports to India remained nil in Nov’15 as pellet demand in domestic market weakened further as buyers preferred lump over pellets.
India imported 3.44 MnT iron ore from Apr’15-Nov’15
Till Nov’15, India has imported 3.44 MnT iron ore in FY16. Iron ore imports to India might increase in the months to come over weak outlook of global iron ore prices.
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