India: Iron Ore Imports Up 8% in Nov’18
JSW Steel's iron ore import up 74% to 0.9 MnT in Nov'18
Indian iron ore imports in Nov'18 recorded at 1.11 MnT, according to the data maintained with SteelMint. On monthly basis, imports witnessed rise of 8% as against 1.02 MnT in Oct'18. The increase is attributed to high prices in Odisha and NMDC accompanied with production halt at NMDC Donimalai mines.
After successive price hike in Aug'18 and Sep'18, Odisha based miners continued to suffer low buying interest in Nov'18 hence, reduced prices towards end of Nov'18. Besides, NMDC rolled over prices in Nov'18 after successive hike in prices twice in Sep'18. The production at NMDC Donimalai (EC limit 7 MnT) remains temporarily suspended due to lease expiry since early November on pending Govt. decision.
On yearly basis, imports depicted significant rise by 63% as compared to Nov'17 imports at 0.68 MnT. So far in FY'19 (Apr-Nov'18), the total iron ore imports recorded at 9.66 MnT, up significantly against 3.74 MnT for same duration previous year FY'18 (Apr-Nov'17).
Average global iron ore fines prices stable on monthly basis
Monthly average global iron ore fines (Fe 62%) prices in Nov'18 recorded at USD 73/MT, CFR China, stable on monthly basis.
Vedanta, Goa imported iron ore lumps from Australia
JSW Steel continued to remain largest importer of iron ore for the month of Nov'18 at 0.91 MnT, up sharply 74% compared to last month imports at 0.52 MnT. JSW Steel imported 0.57 MnT iron ore from Australia (Up three folds against 0.19 MnT in Oct'18)and 0.33 MnT from Brazil. Amidst high prices by NMDC and Odisha miners, JSW increased imports.
Vedanta stood second largest importer and imported 0.08 MnT iron ore lumps from Australia at Mormugao port. The miner recorded first ever import shipment in Nov'18. Post mining ban in Goa in March 2018, the miners were inhibited from further exploration, following which the Goa miners, have started to import material.
KIOCL and Varsana Ispat marked imports at 0.06 MnT each for Nov'18.
India's import from Australia increased more than two folds in Nov'18
Australia stood largest exporter of iron ore for the month at 0.65 MnT, up significantly against 0.28 MnT in Oct'18. Brazil stood second largest exporter at 0.40 MnT, up 20% on monthly basis.
Imports from South African market reduced for the month by 71% to 0.06 MnT. Imports from Iran and Malaysia dropped to nil in Nov'18.
source: SteelMint
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