India Iron Ore imports plummet during FY 2016

INDIA April 14 2016 10:14 AM

MUNBAI (Scrap Register): India Iron Ore imports plummeted by nearly 63% to 5.6 million ton during the fiscal year 2015-16 as compared to 15.1 million ton a year early mainly due to a glut in the domestic market that ensured availability of ore at cheaper prices, cutting dependence on imports.

As per provisional figures, India’s iron ore production is pegged at 155 mt by the end of FY16, nearly 20 per cent higher than 129 mt clocked in 2014-15. 

Odisha, the biggest iron ore producer, has seen the sharpest jump in iron ore output to a level of over 80 mt, about 70 per cent more than the lowly 47 mt, which the state recorded in 2014-15 when some of its key mines had to shut production on the orders of the Supreme Court.

Karnataka and Chhattisgarh recorded iron ore production of the level of 25 mt. Goa which kicked off production following removal of export duty on low grade ore, turned in production of five mt. 

Revival in iron ore production fuelled growth in exports from the country from 4.8 mt to 6 mt, an increase of 25 per cent. The surge in export was on the back of waiver in export duty and pruning of rail freight.