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.