INDIA July 31 2014 3:34 PM
MUMBAI (Scrap Register): The Federation of Indian Mineral Industries (FIMI) expects India to become a importer of iron ore in the 2014-15 fiscal.
In a curtain raiser event for the industry body’s annual general meeting, FIMI President, H C Daga, said that India is expected to export only around 8-9 million tonnes of iron ore, while it will import 15 mt.
“During the first quarter (April- June), we have exported 2.25 mt of iron ore compared with 3.01 million tonnes in the same quarter last year. Going by these estimates, we expect total exports to fall into single digit figures of around 8-9 mt,” Daga said.
He added that due to delays in obtaining clearances and renewal of mining licence, India will import 15 mt of iron ore to feed its steel plants and make it a net importer.