Latest news with #DhruvGoel
Zawya
17-07-2025
- Business
- Zawya
India's iron ore imports to rise on JSW steel demand, falling prices
NEW DELHI - India's iron ore imports are expected to rise this year, driven by increased demand from JSW Steel, the country's largest steelmaker by capacity, as falling global prices make overseas purchases more attractive, traders and analysts said. "We expect this year's iron ore imports to be around 8–10 million metric tons, largely by JSW Steel," said Dhruv Goel, chief executive of commodities consultancy BigMint. India's iron ore imports totalled around 6 million tons last year, with JSW Steel accounting for most of them, Goel said. A drop in global prices to below $90 per metric ton from over $110 last year is likely to support demand, he said. JSW Steel meets its iron ore requirements through a combination of captive mines and external purchases. It plans to add 1.5 million to 2 million tons of annual capacity at its Vijayanagar plant in the southern state of Karnataka during the current fiscal year to March 2026, according to Hui Ting Sim, assistant vice president at Moody's Ratings in Singapore. A separate plan to add 5 million tons per year at its Dolvi plant in the western state of Maharashtra is underway, Hui Ting said. JSW Steel is in a quiet period ahead of its quarterly earnings announcement, a company spokesperson said in response to a Reuters request for comment. India primarily imports iron ore from Australia and Brazil, although imports from Oman have surged this year. India's iron ore pellet makers have urged the government to curb a surge in imports routed through Oman, which they say originate from Iran despite U.S. sanctions, warning that cheaper supplies could harm the local industry, Reuters reported last week. Rising steel consumption in India is likely to drive increased imports of iron ore. "We estimate India steel production to grow by 8% this year to 162 million metric tons," said Florence Sun, commodities strategist at Macquarie Group. In India, the world's second-largest crude steel producer, finished steel consumption reached 25.1 million tons between April and May, the first two months of the 2025-26 fiscal year, up 7.1% from a year earlier.
Time of India
17-07-2025
- Business
- Time of India
JSW Steel Capacity Expansion: India's Iron Ore Imports Soar as JSW Steel Expands Capacity and Domestic Demand Rises, ETInfra
Advt Expansion at Vijayanagar and Dolvi plants Steel production and consumption on the rise Advt By , ETInfra India's iron ore imports are expected to increase to 8–10 million metric tonnes in 2025, according to traders and analysts. As per a report by Reuters, the rise is attributed to falling global prices and increased domestic steel demand . This increase is largely expected to be driven by JSW Steel, the country's largest steelmaker by capacity'We expect this year's iron ore imports to be around 8–10 million metric tons, largely by JSW Steel,' said Dhruv Goel, chief executive of commodities consultancy BigMint. India imported around 6 million tonnes last year, with JSW Steel accounting for most of it, he iron ore prices have fallen to below $90 per metric tonne from over $110 last year, making overseas purchases more attractive for Indian steelmakers. JSW Steel meets its iron ore needs through a mix of captive mines and external Steel plans to add 1.5 to 2 million tonnes of annual capacity at its Vijayanagar plant in Karnataka during the current fiscal year ending March 2026, said Hui Ting Sim, assistant vice president at Moody's Ratings in Singapore. A separate plan to increase capacity by 5 million tonnes per year at its Dolvi plant in Maharashtra is also underway, she Steel declined to comment, citing a quiet period ahead of its quarterly earnings imports iron ore primarily from Australia and Brazil. However, imports from Oman have surged this year. Domestic pellet producers have raised concerns over shipments routed through Oman, which they claim originate from Iran in violation of US sanctions. They have urged the government to curb these imports, warning of potential harm to the local domestic demand for steel is expected to further support iron ore imports. 'We estimate India steel production to grow by 8 per cent this year to 162 million metric tons,' said Florence Sun, commodities strategist at Macquarie steel consumption in India reached 25.1 million tonnes between April and May, the first two months of the 2025–26 fiscal year, an increase of 7.1 per cent from the same period last year.
