India: JSW Steel Iron Ore Sourcing: FY19 vs FY18
JSW Steel - India's largest steel maker recorded total iron ore sourcing at 27.41 MnT in FY’19. The sourcing witnessed 15% fall Y-o-Y as against 32.41 MnT in FY18.
The company raised imports sharply and remained the largest importer in FY'19 and import volumes were recorded at 8.90 MnT, up 74% as against 5.10 MnT in FY’18. The steelmaker imported majority of iron ore from Australia at 7.03 MnT in FY’19 and rest from Brazil.
The company received high discount from Australia for low-grade iron ore. Domestic iron ore prices from Odisha traded very high during Sept-Nov 2018 influenced by the hike in pellet exports demand from Chinese steel mills. Also temporary suspension in few major Odisha mines resulted in increased Indian iron ore import volumes.
On monthly basis, sourcing dropped 46% in Mar’19 to 1.53 MnT as against 2.85 MnT in Feb’19.
Sourcing from Odisha down sharply in FY19
The steelmaker procured 2.79 MnT iron ore from Odisha based miners in FY19, down 55% compared to FY’18 sourcing at 6.23 MnT. High domestic prices led to fall in procurement from Odisha miners in FY’19.
Sourcing from NMDC (C.G.) down by 11% in FY’19
JSW Steel sourcing down by 11% from NMDC C.G to 1.67 MnT in FY’19 as against 1.87 MnT in last fiscal year.
JSW iron ore purchases from Karnataka e-auction fell 26% in FY’19
JSW Steel’s iron ore purchases from Karnataka e-auctions dropped by 26% to 14.07 MnT in FY'19 compared to 19.11 MnT in FY18.
JSW Steel’s iron ore purchases from Karnataka e-auctions decreased by 48% to 1.02 MnT in Mar'19 compared to 1.98 MnT in Feb'19. Out of 1.02 MnT iron ore sourced by JSW, NMDC supplied 0.36 MnT down by 66% against 1.04 MnT last month and thus contributed around 35% of total sourcing. JSW Steel’s iron ore sourcing from private mines also decreased by 29% to 0.66 MnT in Mar’19 as against 0.93 MnT in Feb’19.
source: SteelMint
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