India's Iron Ore imports climb 157% during Apr-Dec 2018: report
MUMBAI (Scrap Register): Iron ore imports into India, the fourth largest iron ore producer, rose a whopping 157% during April-December 2018 mainly due to higher logistics costs for sourcing it domestically and lower import duties, domestic rating agency CARE Ratings said in its latest report.
Out of the total imports of 11.75 million tonne during April-December FY19, which was a 157% rise as compared to a year-ago, Australia's share was highest at 57%, which has more than tripled compared with corresponding period last year, the agency said.
The other countries from which India imports iron ore and its shares are South Africa (19%), Brazil (15%) and Bahrain (5%).
In July 2018 alone, imports peaked at 1.93 million tonne, the highest in any month in past five years, the agency said in its report.
India's exports, on the other hand, declined 32% to 12.7 million tonne between April 2018-January 2019, compared with a fall of 17% in the same period last fiscal.