India plans to import 15 million tonnes of iron ore

Author: Paul Ploumis
07 Jan 2015 Last updated at 05:04:30 GMT
NEW DELHI (Scrap Monster): The largest steel producing domestic company in the country, JSW Steel Ltd, is planning to import the maximum amount of iron ore, which is nearly 9 million tonnes, the other company Tata Steel Ltd, is planning to import about 2 million tonnes of iron ore. The Joint Manager and the Group Chief Financial Officer of JSW Steel, Seshagiri  Rao, stated that, by the end of the current financial year, the company is planning on to import 9 million tonnes from the total 15 million tonnes, which is expected to be imported into the country. He also added that, the domestic supply  of the commodity is deficient of about 10 million tonnes and this has lead to the hike in the domestic price of iron ore.

This situation will make the iron ore imports for the steel plants in the country much more accessible, but for many other interior parts of the company the imports of the commodity are still not accessible.  Some of the companies are importing iron ore, as there is no uniform availability of domestic iron ore. Tata steel refused to comment on the company’s plans to import iron ore. In a statement dated 30th December by the company, the Managing director of Tata steel, TV Narendran, confirmed that the company is planning on to become a net importer of iron ore. He also stated in the email that, the company had a bad impact due to the issues related with mining lease renewals, which lead to the stoppage of operations in the company’s mines.