According to data from the research institute SteelMint, India's iron ore imports from April to October this year reached a record level of 5.06 million tons. The shortage of domestic iron ore supply forced Indian steel mills to switch to imports, which promoted a surge in iron ore imports.
Due to the continued decline in international ore prices, India’s iron ore imports exceeded 2 million tons in October alone, and the total fiscal year imports are expected to reach 11 million tons. According to official data from the Indian government, India's iron ore imports from April to August were only 2 million tons.
Nearly 50% of India’s iron ore imports from April to October came from South Africa, and over 20% came from Australia and Brazil. India’s third-largest steel mill JSW has imported 3.7 million tons of iron ore. The company plans to import 10 million tons or more of iron ore this fiscal year.
Although India’s increased iron ore imports can absorb part of the world’s excess iron ore supply and help maintain a stable ore price, it cannot fully compensate for the decline in China’s demand.