India’s Iron Ore Imports Hit Record 15.5 mln Tonnes

Reuters reported that India’s iron ore imports hit record 15 million tonnes in the fiscal year to end-March as falling global iron ore prices and limited domestic supply forced steelmakers to buy more of the raw material overseas.

As quoted in the market news,

India’s iron ore imports totalled 15.5 million tonnes in the past fiscal year, according to data compiled by industry consultancy SteelMint, which tracks shipments at 18 ports across the country. In the year to March 2014, imports were just 320,000 tonnes.

More than half of imports in fiscal 2014/15 were brought in by JSW Steel, India’s third-largest steel producer, with 8.4 million tonnes. Tata Steel followed with 3.06 million.

Click here for the full Reuters report