India turned a net importer of iron ore in calendar year 2014, as import far exceeded exports. As per report, Indian steel mills imported little over 8 million tonnes of the iron ore in 2014, as against export of around 7 million tonne.
Imports during the year were 8.05 million tonne. The previous record was 3.1 million tonne in 2012.
JSW Steel imported around 6 million tonne out of about 10 million tonne it plans to import in 2014-15, the financial year having three months more to go. TATA Steel brought in 2.2 million tonne, while Essar Steel imported half a million tonnes. State-owned pellet maker Kudremukh Iron Ore Company Ltd imported around 100,000 tonnes from Iran, JSPL imported 120,000 tonnes of pellets from its Oman plant.
Lack of stocks in the domestic market and falling prices in foreign markets encouraged ore-starved mills to look for imported material. Domestic production has been steadily declining from a high of 220 million tonne in 2009-10 to about 150 million tonne in FY14.
Source – Business Standard
Zhejiang Yaang Pipe Industry Co., Limited