India Iron Ore Imports Down 34% in Q1 FY20
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Indian iron ore imports in Q1 FY'20 have been recorded at 0.78 MnT, according to the data maintained by SteelMint. Indian iron ore imports witnessed 34% decline for the quarter compared to 1.19 in Q4 FY19. The imports have dropped amid high global prices. Spot iron ore price Index reached at five years high in June'19 at USD 118/MT.
On monthly basis, imports fell 77% to 0.07 MnT in June'18 as against 0.31 MnT a month ago. Imports for the month recorded 2 years low as the levels were last witnessed in June'17 at 0.06 MnT.
Average global iron ore fines prices picked up for the quarter
The spot iron ore fines (Fe 62%) index price for Q2 CY19 witnessed a hike of 22% to USD 100/MT as against USD 82/MT in Q1 CY19. The prices increased during the quarter and reached at USD 118/MT, CFR China towards June'19 end, hovering five years high amid material shortage.
Monthly average global iron ore fines (Fe 62%) prices in June'19 recorded at USD 109/MT as against May'19 at USD 99/MT, CFR China.
JSW Steel Iron ore imports down 46% in Q1 FY20
India's major steel maker- JSW stood the largest importer for the first quarter FY20 at 0.37 MnT down as against 0.69 MnT in Q4 FY19. JSW imported 0.19 MnT from Australia and 0.18 MnT from Brazil.
Swiss Singapore stood second largest importer at 0.16 MnT followed by KIOCL at 0.15 MnT.
Shipper wise iron ore imports
| Company | Q1 FY20 | Q4 FY19 |
| JSW Steel | 0.37 | 0.69 |
| Swiss Singapore | 0.16 | 0.05 |
| KIOCL | 0.15 | - |
| Chowgule And Company | 0.06 | - |
| Welspun | 0.04 | - |
| Others | 0.00 | 0.45 |
| Grand Total | 0.78 | 1.19 |
Qty in MnT, Provisional data,
Source: Steelmint Research, Customs
Brazil turned out to be the largest iron ore exporter to India
In Q1 FY20, Brazil stood the largest iron ore exporter to India at 0.39 MnT, up sharply as against 0.17 MnT in Q4 FY19. Iron ore Imports from Brazil picked up for the quarter amid easing supply concerns from Vale. Towards June'19, the miner resumed operations at its Brucutu mines.
Imports from South Africa dropped 61% at 0.20 MnT in Q1 FY'20 as against being 0.50 MnT in previous quarter. Imports dropped amidst high lump prices which were hovering at USD 135/MT, CFR India towards June'19.
Port-wise Indian iron ore imports
Jaigarh port contributed the largest share of imports for the quarter ended in Jun'19 at 0.37 MnT (down 28% Q-o-Q). Mormugao stood second largest importer at 0.16 MnT followed by Mangalore at 0.15 MnT.
