Iron ore imports jump to record 15 MT in FY'15

NEW DELHI: India's iron ore imports jumped manifold to a record 15 million tonnes in the financial year 2014-15 owing to ban on mining activities and declining global prices, a report said today.

A report by industry consultancy SteelMint said that FY'15 marked an all time high of 15 MT iron ore imports into India.

The huge import of Iron ore last fiscal, ended March 31, by an iron ore rich India is attributed to the bans on various mines by the Supreme Court and declining global prices of the commodity.

In 2013-14, the imports stood at a mere 3.2 lakh tonne. The report said the imports last fiscal were largely from South Africa (5.9 MT) followed by Brazil (3.7 MT), Australia (1.9 MT) and Oman (1.4 MT) among others.

Exports were recorded at 4.5 MT during the fiscal. JSW Steel, India's third largest steel producer imported 8.4 MT iron ore followed by Tata Steel at 3.04 MT. Other major importers were Tata International, Essar Steel and Jindal Saw.

Mining ban in mineral rich states like Odisha and Jharkhand forced the largest buyer of raw material, JSW, to import the principal steel making commodity.