Iron ore imports shoot up 80%, exports plunge by almost half in last 3 yrs

However, the export outlook has improved in the last few months after a blast at Vale's mines in Brazil shut off 70 million tonnes in annual supplies

The country's iron ore imports are steadily closing in on exports, trends in the past three years show.

From 7.09 million tonnes (mt) in 2015-16, imports have spiked to 12.8 mt at the end of FY19, data released by the Union commerce ministry reveals. In contrast, exports of key steel-making ingredients have subsided from 30.48 mt to 16.19 mt in the comparable period, plummeting by 46.88 per cent.

Imports of iron ore were driven by shore-based steel plants, which prefer to import more of higher grade ore. These plants imported larger quantities when the landed cost of the raw material