India set to become net importer of Iron Ore: report
CANBERRA (Scrap Register): India is set to become a highly significant influence on global iron ore markets, as the country continues to industrialise, Australia's Department of Industry said in its Resources and Energy Quarterly report.
India currently has low iron ore use per capita, but the government has recently announced that an increase in this measure will be part of its economic plan. India’s iron ore production is forecast to increase by 4.6 per cent annually, from an estimated 200 million tonnes in 2018 to 230 million tonnes in 2021, the report said.
Rising iron ore production will be driven by growing demand from the domestic steel industry. India is forecast to remain a small net importer of iron ore from 2020 onwards, as the government pursues ambitious steel production targets, but tightly regulates the domestic iron ore industry and continues to clamp down on illegal iron ore mining, the report said.