India’s Iron Ore Imports Plunge 99.4% In October This Year

Indian Ministry of Industry and Commerce released preliminary data showing that in October 2019, due to weak domestic steel demand and a surge in iron ore import prices, India ’s iron ore imports fell by 99.4% to 6,300 tons, compared with the same period last year. The import volume was 11.261 million tons.

In October, India’s iron ore imports were US $ 980,000, a 99% drop from US $ 98.48 million in the same period last year. Based on this, its average import price was estimated to be US $ 155.6 / ton, which was an increase from US $ 87.5 / ton in the same period last year. 77.9%.

In the month, India imported 6,290 tons of non-sintered iron ore, a year-on-year decrease of 99.3%; the import value was US $ 970,000, a 98.7% year-on-year decrease; based on this, its average import price was estimated to be US $ 154.2 / ton, a 101% year-on-year increase. Imported 10 tons of sintered iron ore, a year-on-year decrease of 100%; the import value was US $ 10,000, a 100% year-on-year decrease; based on this, the average import price was estimated to be US $ 1,000 / ton, a year-on-year increase of 555.2%.

From January to October, India imported 1.972 million tons of iron ore, a year-on-year decrease of 85.1%; the import value was US $ 176 million, a year-on-year decrease of 78.9%; based on this, its average import price was estimated at US $ 89.4 / ton, an increase of 41.5% year-on-year.

Posted by stainless steel tubing supplier and stainless steel pipe supplier KAYSUNS.