May 19 — China was India’s largest purchase of iron ore in the
fiscal year ended March 31, and the buyer reportedly has plans to import even
more ore from the sub-continental Asian nation.
China bought 30.8 million tons of iron ore from India during the period, two
and a half times more than the year-ago period, according to the latest data
from the Indian Ministry of Steel, while China Metallurgical News reported
yesterday that China intends to buy even more from the country.
India’s total iron ore exports more than doubled to 36.4 million tons in the
year ended March 31, 2019.
The Covid-19 pandemic will make life tough for India’s steel industry, the
ministry said, adding that crude steel capacity utilization fell to 67.8
percent in March this year, down from 84.7 percent a year earlier. But
increased demand from China boosted export sales to USD244 million for the
month, up 58.4 percent from March 2019 and making iron ore the only Indian
commodity export to post increased sales for the month.
With the government extending the Indian lockdown to May 30, reduced steel
production will cut domestic demand for iron ore and likely result in a boost
in exports, the ministry added.
China imported a record high 1.07 billion tons of iron ore in 2019, according
to data from its National Bureau of Statistics, making it once again the
world’s largest iron ore importer worldwide. It usually sources most of its
ore from Australia.
Bloomberg