India's Iron Ore Imports to Reach Seven-Year High in FY26

28 Mar 2026 CW Team

India's imports of iron ore are forecast to rise to a seven-year high in the fiscal year ending on March 31, with volumes seen at about 12 million (mn) to 14 million (mn) tonne (t) as a shortage of high-grade ore prompts additional shipments. The increase would more than double volumes from the previous year and reflects stronger procurement by JSW Steel for its mills in Maharashtra and Karnataka.\n\nIndustry sources said the bulk of imports this fiscal year came from Brazil and Oman, which together accounted for about 70 per cent of total shipments. Rare cargoes such as BHP's Jimblebar Fines were directed to India amid discounts and shifting Chinese demand, and market participants said opportunistic purchases supported higher volumes.\n\nDomestic iron ore output was expected to reach 305 mn t in 2025-26, up from 289 mn t in the prior year, as mines increased production. Exports were projected at about 29 mn t, up around 26 per cent, with roughly 85 per cent of shipments destined for China and largely comprising low-grade ore not used by domestic mills.\n\nPellet imports that had risen last year from Iran were expected to decline amid heightened geopolitical tensions in the Middle East and associated trade uncertainties. From April to February, pellet volumes were recorded at one point eight eight million (mn) t, about six times the level a year earlier, and analysts said ample domestic availability would constrain import demand.\n\nLooking ahead to the fiscal year beginning on April one, mines were expected to ramp up output while import needs would continue to depend on grade requirements and plant-level supply dynamics. Observers indicated that continued procurement by large mill groups and shifting global pellet flows would shape trade and influence price and supply stability across the steelmaking value chain.

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28 Mar 2026

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