Indian Iron Ore Imports Fell 5 Years Low in July’19

Indian iron ore imports in July’19 have been recorded at 51,470 MT, according to the data maintained by SteelMint. Indian iron ore imports witnessed 28% decline for the month compared to 71,865 MT in June’19. The imports have dropped amid high global prices. Imports for the month recorded 5 years low as the levels were last witnessed in June’14 at 45,487 MT.

Average Spot iron ore prices hit five years high in Jul’19

The spot iron ore fines (Fe 62%) index price witnessed hike to USD 120/MT,CFR China in July’19 as against USD 108/MT, CFR China in June’19. The prices for the month were hovering at five years high levels at USD 126/MT, CFR China towards early July. On yearly basis, imports fell sharply as against 1.55 MnT in July’18.

Imported South African lumps inquiries in India also continued to remain slow as the domestic pellet was more preferable.

JSW Steel Iron ore imports recorded nil in July’19

India's major steel maker– JSW stood recorded nil imports for second consecutive month in July’19 as the company focused on domestic iron ore sourcing. JSW Steel has started iron ore operations at its four 'C' category mines out of six mines it won earlier in Karnataka.

The other two mines are expected to come into operations soon. These in total would produce around 4.5-5 MnT iron ore. Also the company has recently won three more iron ore mining leases which would give production of 2.5-4 MnT pa. Thus, in total 7.5-10 MnT iron ore output is expected from company's captive mines in next fiscal.

Indian iron ore imports from largest exporters Brazil and Australia stood nil for the month. Amid supply concerns from Australian and Brazilian miner, followed by soaring spot iron ore prices, the Indian miner’s imports stood on the lower side.

Swiss Singapore stood the only importer for the month at 51,470 MT. The only importing port was Morgumao port.

South Africa remain the single iron ore exporting country to India in the month of Jul’19.