Iron ore import to rise 60% to 15 million tons in FY19: Report

The forecast, however, is bullish for iron ore imports through the October-March period buoyed by firm domestic demand for the ore

Iron ore imports by the country is projected to touch 15 million tonnes (mt) by the close of this fiscal, 60 per cent higher than 8.7 mt imported in FY18, as per the forecasts of the Pellet Manufacturers Association of India (PMAI). Imports of the key steelmaking ingredient is the highest since 2014-15 when the country imported a record 15 mt as benchmark prices of 62 Fe grade ore tanked to a historic low of $45 a tonne and domestic output had slumped to multi-year low of 129 mt due to mining bans.

In the April-September period of this fiscal,