Iron ore imports zoom 190% to 6.34 mt in Apr-Aug over domestic price hikes

Mining companies say supply bottlenecks are escalating the landed cost of iron ore for steel units

Iron ore imports into the country zoomed 190 per cent to 6.34 million tonnes (mt) during April-August, the first five months of this financial year.   

Data from the Pellet Manufacturers Association of India (PMAI) show a projection of over 12 mt for the full year. In 2017-18, ore import was 8.6 mt, itself 48 per cent higher than in 2016-17. 

Imports are on an upswing since steel plants on the coast have shown an increasing tendency to import the key ingredient. Importing is the cheaper option for such units compared to buying from the domestic market.   

A senior