India imports more iron ore from Australia

13-Aug-2018

India has accelerated iron ore imports from Australia in the first two months of the April 2018-March 2019 financial year.

India imported 1.9mn t iron ore from Australia during April-May, around 66pc of India’s total imports of 2.86mn t from Australia in 2017-18.

Australia was a marginal exporter of ores to India until 2016-17 but became the country’s largest overseas supplier in 2017-18. At least one large Indian private-sector steel mill had significantly stepped up imports of low-grade fines from Australian iron ore producer Fortescue in 2017-18.

Around 1.5mn t of iron ore was shipped to India in June and July, data from Port Hedland, Australia’s key iron ore shipment port, show.

Indian steelmaker JSW Steel is expected to receive two shipments of Australian iron ore fines, with total volumes of around 350,000t in early August, according to shipping data. JSW Steel mostly imports iron ore for use at its west coast steel plant at Dolvi in Maharashtra state.

India’s total iron ore imports during April-May were higher by 273pc at 2.54mn t from 680,000t in the year-ago period. The two other key iron ore suppliers besides Australia were Brazil and South Africa, which shipped 155,000t and 477,000t respectively.

Source: ARGUS