India’s Iron ore imports hit highest ever at 5 MnT in Apr-Oct’14 and may touch 9-11 MnT this fiscal year, according to SteelMint.
In Oct’14 alone, imports have increased to 2.2 MnT from 0.8 MnT in Sep’14. While, another 1.4 MnT is expected till 25 Nov, 2014.
JSW Steel, India’s major Iron ore importer and having largest crude steel capacity of 14.3 MnT pa, bought 1.7 MnT Iron ore last month and 3.7 MnT in Apr-Oct’14. In 1st half of FY15, 28% of JSW’s total Iron ore requirement was fulfilled through imports.
While, Tata Steel has imported 0.6 MnT Iron ore since Apr’14. Tata International, Swiss Singapore, Welspun, SIMEC and Maithan are others companies, which have imported 0.7 MnT collectively. Krishnapatnam port imported the highest quantity at 3.3 MnT in Apr-Oct’14 and South Africa exported 2.2 MnT.
Click here for Iron ore import data in Oct’14
Swiss Singapore imports nearly 0.4 MnT Iron Ore
Swiss Singapore India has imported 0.4 MnT Iron ore i.e. 90,710 MT on 21 Jul, 2014 at Kandla port (vessel name Welhero) and the balance is expected to arrive at Krishnapatnam/Paradip port.
The company has imported Iron ore lump of South African origin of Kumba mines containing Fe 64% at around USD 105-108/MT CFR. The raw material is being offered to Steel/Sponge iron manufacturers in Kandla and Odisha.
Imports may climb to 9-11 MnT in FY15; No Progress on Iron Ore Mines License Renewal yet
SteelMint earlier forecasted nearly 6 MnT Iron ore imports to India for FY15, which now moved up by another 3-5 MnT.
No progress on resumption of Iron ore mining from Odisha & Jharkhand government, rising Iron ore prices by INR 1,100/MT since May’14 and weak spot Iron ore fines (Fe 62%) prices in China at USD 79/MT CNF, may increase imports to 9-11 MnT.
Acute shortfall of Iron ore in India after mines in Odisha and Jharkhand that had been operating under 2nd or subsequent deemed renewal were ordered to halt their operations, have pushed up the prices. It has also impacted Pellet as well as Sponge iron production.
Currently, 88,000 MT South African Iron ore lump (6-40 mm and Fe 64%) imported by Maithan, Visa Steel and SSL is being unloaded at Paradip port and offered at around USD 108/MT CNF to domestic takers.
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