In recent years, India has been able to earn its own export earnings by producing iron ore as a result of the steel industry. China Metallurgical News reported on May 18 that India’s latest data showed that India’s iron ore production reached 246.5 million tons in the 2019 fiscal year (April 1,2019~ March 31,2020), up 19 percent from the previous fiscal year, a record high. Among them, iron ore exports reached 36.428 million tons, an increase of 125 percent over the same period last year, and China is reported to be the largest buyer of iron ore in India
India exports 30.819 million tons of iron ore to China in fiscal year 2019, up 154 percent from a year earlier, the report said. It is reported that the size of iron ore purchased by China in India’s total export volume has reached 84.6%. Japan is India’s second-largest export market for iron ore. Thanks to China’s strong demand for iron ore, India’s iron ore exports rose 58.4% from a year earlier to $244 million in March, the only positive commodity for all Indian export
But it seems that india’s steel industry will be in trouble this fiscal year as public health emergencies continue to develop. India’s crude steel capacity utilization rate fell to 67.8% in March, compared with 84.7% in March. India’s steel production is expected to weaken its demand for iron ore significantly as a result of the repeated extension of the economic blockade against the epidemic until May 30
From this point of view, as one of the world’s largest iron ore buyers, the Chinese market will undoubtedly be high hopes by India. Data show that China’s cumulative imports of iron ore in 2019 1.069 billion tons, again set the highest import record in history. Previously, Australia has been our largest source of iron ore imports. Recently, however, Australia is losing favor with Chinese buyers in terms of commodity exports.
On May 12, China’s authorities announced the suspension of four Australian beef dealers to China’s export qualifications, but also continue to investigate Australian barley. India may take the opportunity to catch up with Australia as an important alternative to China’s future iron ore imports, given Australia’s disadvantage as a strong competito
Post time: May-20-2020