India’s January-October iron ore imports at six-year high, JSW Steel top buyer
India’s iron ore imports
hit a six-year high this year as steel mills stepped up overseas
purchases to overcome shortages of high-grade ore and take
advantage of lower global prices for the steelmaking raw
material, analysts and trade officials said.
more than doubled to over 10 million metric
tons in the first 10 months of 2025 from a year earlier, Lalit
Ladkat, senior analyst at London-headquartered CRU Group, told
Reuters.
Between January and October, JSW Steel, the country’s
biggest steelmaker by capacity, emerged as the top buyer of iron
ore from overseas suppliers, analysts and officials said.
Average imports during 2019–2024 were 4.3 million metric
tons a year, Ladkat said.
“In 2025, demand outpaced the domestic production and
availability of higher-grade ores was a big concern,” Ladkat
said, adding that delays in starting production at already
auctioned mines were among the reasons supply growth was
slowing.
Last month, the top civil servant at the Ministry of Steel
ruled out any shortage of iron ore in the country.
Low import prices, along with the feasibility of importing
for steel plants near ports, such as JSW Steel’s plant in the
western state of Maharashtra, helped boost shipments, according
to a senior government official and analysts.
India has been importing iron ore mainly from Brazil, Oman
and Australia.
Brazilian miner Vale is preparing to meet rising
iron ore demand from India, which could double its steel
production by the end of the decade, CEO Gustavo Pimenta told
Reuters last month.
This year, heavy rainfall in the eastern state of Odisha,
which accounts for nearly 55% of India’s total iron ore output,
led to lower production, according to commodities consultancy
BigMint.
“Imports may exceed 11–12 million metric tons in FY26 and
could remain elevated next year as well if domestic production
or captive sourcing does not improve,” BigMint said, referring
to the fiscal year to March 2026.
Iron ore output in India, also the world’s second-biggest
crude steel producer, rose to 289 million metric tons in fiscal
2025, from 277 million metric tons a year earlier, according to
government data.
Earlier this year, the government urged steel mills to
acquire iron ore mines overseas, while expressing concern over
slow development in greenfield iron ore mines.
Published on December 3, 2025
