JSW Steel to Raise Iron Ore Imports From Zero to Six Million Tonnes

Reuters reported today that India’s JSW Steel (NSE:JSWSTEEL) plans to import six million tonnes of iron ore this fiscal year. Last year, the steel giant imported almost no iron ore as a result of production cutbacks. However, a lack of domestic supply has left JSW to turn to the international market, according to Reuters.

As quoted in the publication:

India’s Supreme Court in May ordered the temporary closure of some iron ore mines in top producing state Odisha pending renewal of their licences. This has cut output from the state that produced more than 70 million tonnes last fiscal year. A previous court clampdown on illegal mining in Karnataka and Goa states have also stifled supplies. The company last week took delivery of its first imported iron ore shipment in over a year in a capesize vessel carrying 170,000 tonnes of high-grade ore from South Africa, JSW’s Joint Managing Director Seshagiri told Reuters on Wednesday.

Click here to read the full Reuters article.

Get the Latest Iron Investing Stock Information

Get the latest information about companies associated with Iron Investing delivered directly to your inbox.

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Investing Opportunity: Using LME Prices and Base Metals News 

Get Our Expert Guide to Base Metals Investing FREE!

  Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.

Leave a Reply