India could turn into iron ore importer again – Credit Suisse

8 January 2018

Reuters quoted Credit Suisse analysts in a note saying that mining output cut in eastern state of Odisha could turn India into iron ore importer again and lead to a rise in domestic prices of iron ore.

CS analysts said that “With domestic steel output still growing, ore exports have fallen to near-zero in recent months, and until other Odisha mines ramp up, India may turn into a net importer again.”

Odisha suspended operations of seven mines after leaseholders failed to meet a deadline on December 31, but a government official told Reuters that India’s top iron ore state is likely to meet output target of 100 million tonnes of ore in FY 2017/18.

Source: REUTERS