Anglo American sees surge in iron ore sales to India

By Maytaal Angel

VIENNA (Reuters) - Global miner Anglo American said its iron ore sales to India have more than tripled over the past year as Asia's third-largest economy embarks on a once-in-a-generation urbanisation drive.

"India is around 15 percent of our (iron ore) sales portfolio, or about 6 million tonnes (a year)," David Trotter, Anglo American's global head of iron ore sales, told Reuters at the Metal Bulletin iron ore symposium in Vienna.

India's iron ore imports jumped to a record high above 15 million tonnes in the fiscal year to end-March as tumbling global prices and limited domestic supply pushed steelmakers to buy more of the raw material overseas.

 

Trotter expects India to account for 20 percent of Anglo American's iron ore sales over the next two to three years, a significant but not equally stellar rate of sales growth.

Formerly the world's No. 3 supplier of iron ore, India has been importing it over the past three years due to court-imposed restrictions aimed at curbing illegal mining in the major producing states of Karnataka and Goa.

But according to some industry experts, the reopening of iron ore mines in key producing states such as Odisha, Jharkhand and Goa may reduce India's imports in the current fiscal year.

(Editing by Susan Fenton)