Iron ore imports slow down in last 2 months; prices may go up by 7-10%

Global prices jumped owing to various reasons, including the accident in one of Brazil's mines

Iron ore imports, which have been rising since the beginning of the financial year, have started declining in the last couple of months.

Imports had surged 157 per cent in the nine months of FY19 to 11.5 million tonnes compared to the same period in the previous year.  In July 2018, imports peaked to 1.93 million tonnes, the highest in a month in the past five years. 

A decline in imports was witnessed from August 2018. This was due to strengthening of the dollar, which reduced spreads between landed cost and domestic prices of iron ore, making imports less preferred by Indian