Indian iron ore production may fall by ~20% and demand by ~12% in FY’21

We expect Indian iron production to fall by ~20% in FY21 owing to lower steel demand this year coupled with the fact that several new lessees in Odisha are unlikely to start operations.

We estimate Indian iron ore demand to be around 170-175 mnt in FY21 against 195-200 mn t in FY20.