According to research firm Steel Mint, India’s iron ore imports reached a record level of 5.06 million tons from April to October this year, and the shortage of domestic iron ore forced Indian steel mills to switch to imports, thereby driving the surge in iron ore imports.
Due to the continued decline in international ore prices, only India’s iron ore imports exceeded 2 million tons in October, and imports are expected to reach 11 million tons in the full fiscal year. According to the official data of the Indian government, India’s imports of iron ore from April to August are only 2 million tons.
Nearly 50% of Indian iron ore imports from April to October came from South Africa, and over 20% came from Australia and Brazil. India’s third-largest steel mill imports 3.7 million tons of JSW iron ore, and the company plans to import 10 million tons or more of iron ore this fiscal year.
Although the increase in Indian iron ore imports can absorb some of the world's excess iron ore supply, helping to maintain ore prices stable, but can not fully compensate for the decline in China's demand.
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