India's iron ore imports plunged 78% in the April to June quarter from a year earlier, according to provisional data from government sources, as domestic supply rose and exports fell. The shipment data, coupled with a 9.1% drop in iron ore imports by top buyer China in June, is expected to drag on global prices of the steel-making raw material that have already shed more than 12% so far this year. India has historically produced enough iron ore to meet its domestic demand, but imports by Asia's third-largest economy tripled to 3 million tonnes ...
Iron ore imports sink 78% in April-June
The country's output of iron ore is estimated to have fallen to about 140 million tonnes in the year ended March 31