India's imports of iron ore, a key raw material in steelmaking, are set to rise to a seven-year high in the fiscal year ending on March 31, driven by a shortage of high-grade ore and demand from JSW ‌Steel , analysts and ⁠industry ⁠executives said. Overall imports are likely to reach 12 million to 14 million metric tons in 2025-26, more than doubling from ​a year earlier, analysts and trade officials said. JSW Steel, India's biggest steelmaker by capacity, was a key driver of iron ore imports for its mills in the western state of Maharashtra and the southern state of Karnataka, said Lalit Ladkat, a senior analyst at London-basedconsultancy CRU. A cargo of BHP's Jimblebar Fines ​iron ore is heading to India in a rare sale, ⁠driven by ‌discounts on the product that was banned for sale in China, Reuters reported ​last week. The bulk ​of India's iron ore imports in the fiscal year originated from Brazil and ⁠Oman, which together accounted for about 70% of total shipments, Ladkat ​said. Iron ore output in India, the world's second-largest crude steel producer, is ​expected to reach 305 million tons in the 2025-26 fiscal year, up from 289 million metric tons a year earlier, according to commodities consultancy BigMint. (ICE NEW DELHI)

Fonte notizia: Economic Times