Indian Steel Companies Facing Domestic Iron Ore Shortages, Plan to Increase Imports

The Wall Street Journal reported today that Indian Steelmakers such as JSW Steel (NSE:JSWSTEEL) and Tata Steel Ltd. (NSE:TATASTEEL) will increase imports of iron ore due to domestic shortages. According to the Journal, the country’s domestic iron ore production is set to drop by 7 percent this financial year. Helen Lau, senior analyst with UOB Kay Hian, told the Journal that in the short term, India’s imports might only have a marginal effect on iron ore prices.

As quoted in the publication:

Basant Poddar, vice chairman of Federation of Indian Mineral Industries, said he expected total Indian imports to reach 10 million-15 million tons this financial year ending in March, compared with 500,000 tons last year. He said it made sense for port-based steel plants to import high-grade ores as the imported price was nearly comparable to lower-grade Indian ores.

Click here to read the full Wall Street Journal 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.

“Do You Want To Know which Base Metal to Invest in 2017?”

Find out everything an investor needs to know about base metals with our all-in-one FREE market report on base metals investments.   Get My Free Report

Leave a Reply