Iron ore imports tumble 90% on inflated prices, slip to 7-year low

In the corresponding period of last fiscal, iron ore imports swelled by 172 per cent

Iron ore imports plumetted 90 per cent (by volume) during the April-October period this fiscal as steel makers opted for domestic sourcing, amid escalating international prices. 

This is the lowest level of imports recorded in the past seven years, a study by CARE Ratings said.

In the comparable period of the last fiscal, iron ore imports surged 172 per cent. 

However, FY20 has seen a contrarian trend in imports as iron ore prices stayed elevated. 

Steep prices prompted steel makers in the country to buy more domestically available ore and lessen dependence on imported supplies.

In the first seven months of  FY20, iron ore imports