Indian Steelmaker JSW Steel Buying Imported Iron Ore

Reuters reported that JSW Steel Ltd. (NSE:JSWSTEEL) the third largest steel maker in India, will import almost half a million tonnes of iron ore from Australia and South Africa by mid summer. The imports are needed in light of lack of sufficient supply from domestic production of iron ore, according to Reuters.

As quoted in the press release:

This is the biggest monthly import for JSW, which used to use only higher-grade ores from Karnataka and Odisha states but is now buying low-quality varieties from Goa as a court crackdown on illegal mining has cut supplies in these states. JSW last month won a bid to buy 11,484 tonnes of low-quality ore from Goa. The state has traditionally exported most of its iron ore to China as local steel mills preferred using higher-quality ores from other states and did not have the technology to use lower grades.

Click here to read the full Reuters article.