Indian iron ore imports were recorded at 0.49 MnT in Oct’17 according to the customs data maintained by SteelMint. India’s imports were up 27% M-o-M against 0.39 MnT in Sept’17. The imports were also up 1% Y-o-Y in Oct’17 against 0.48 MnT in Oct’16.
Global iron ore prices have been witnessing downtrend since Aug’17. Monthly average spot iron ore fines (Fe 62%) prices were analyzed at USD 61/MT, CFR China in Oct’17 against USD 71/MT, CFR China in Sept’17.
So far in FY18 (Apr-Oct’17) India’s iron ore imports stood at 3.06 MnT down by 11% against the same period last year that was 3.45 MnT.
JSW Steel remained the largest iron ore importer in Oct’17 – India’s major steel maker– JSW has imported 0.43 MnT iron ore from Brazil and South Africa in Oct’17 and turned out to be the largest importer. The steel maker did not import any cargo in Sept’17. Out of 0.43 MnT iron ore imported in Oct’17, 0.34 MnT was imported from Brazil at Jaigarh port. Remaining 0.1 MnT iron ore was imported from South Africa at Krishnapatnam port.
Other iron ore importer in Oct’17 was – Various as it imported 0.06 MnT iron ore at Mormugao.
Brazil became the preferred source of Indian iron ore imports in Oct’17 –
Brazil recorded 70% share in Indian iron ore imports for Oct’17 to 0.34 MnT and remaining 30% came from South Africa which was 0.15 MnT.
Port-wise Indian iron ore imports in Oct’17 –
Jaigarh was the largest port that accounted for 0.34 MnT iron ore imports in Oct’17 with 70% share, followed by Krishnapatnam 0.09 MnT and Mormugao 0.06 MnT.
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