Indian steel company, JSW Steel, received its first shipment of 170 000 tonnes of high grade iron ore this week from South Africa, with three more shipments of iron ore in Capesize vessels to reach Indian ports over the next few days, according to press reports.
The Economic Times of India reports that Indian steel makers are resorting to iron ore imports as domestic supplies get tighter due to a severe shortage. JSW Steel said in a statement it had decided to import around 6 million tonnes of iron ore in the current fiscal from overseas markets and other steel makers are likely to follow suit.
Mining Weekly quoted JSW Steel joint MD, Seshagiri Rao, as saying: “Indian steel manufacturers are losing out on the most competitive advantage of domestic iron-ore resources and [have to] resort to imports, denting [the] competitiveness of local steelmaking.”
He reportedly noted that these imports were necessary for the company to supplement the supplies of iron-ore in the domestic market, owing to a substantial drop in domestic production.
India ups its iron ore exports from SA
Comments | 0
