India increased iron ore imports to a 6-year high of 1.19 million tons in November 2024. According to market data available, the volumes increased sharply compared to 0.47 million tons in the previous month and 0.84 million tons in November 2023.
As noted, imports of raw materials exceeded 1 million tons for the first time since December 2018.
Australia became the largest exporter of iron ore to India in November (0.77 million tons). The second place is shared by Oman and Malaysia (0.21 million tons each). However, according to sources, it was mainly Brazilian ore that was sent to these countries after processing.
JSW Steel became the largest and only importer in the period, having taken up the entire volume of foreign supplies last month.
One of the factors that stimulated Indian imports of iron ore was limited domestic supply due to prolonged monsoons combined with strong demand. At the same time, domestic production has been struggling to meet the growing demand for this raw material in recent months, leading to a shortage of supply. India’s ore production fell sharply in July and August, creating a need for imports to overcome the shortfall.
Price fluctuations in the global iron ore market also helped to boost imports. In addition, domestic logistical obstacles and problems with the quality of domestic raw materials shifted the balance in favor of supplies from abroad.
Although imports have increased, they are insignificant compared to India’s total iron ore consumption. With production resuming after the monsoon and global ore prices rising in December, new import orders have slowed down, according to sources.
As GMK Center reported earlier, in April-October 2024 (7 months of fiscal year 2024/2025), India increased steel imports from China to a historic high of 1.7 million tons, up 35.4% compared to the same period in 2023. China exported most of its stainless steel, hot-rolled coils, galvanized sheet, sheet and electrical steel to the country.