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The Federation of Indian Mineral Industries (FIMI) expects India to become a importer of iron ore in the 2014-15 fiscal.
In a curtain raiser event for the industry body’s annual general meeting on Wednesday, FIMI President, H C Daga, said that India is expected to export only around 8-9 million tonnes of iron ore, while it will import 15 mt.
“During the first quarter (April- June), we have exported 2.25 mt of iron ore compared with 3.01 million tonnes in the same quarter last year. Going by these estimates, we expect total exports to fall into single digit figures of around 8-9 mt,” Daga said.
He added that due to delays in obtaining clearances and renewal of mining licence, India will import 15 mt of iron ore to feed its steel plants and make it a net importer.
While JSW Steel is expected to have the highest volume of imports, Tata Steel has also begun importing iron ore, he said.
With Tata Steel unable to extract iron ore from its captive mine due to a court order temporarily banning mining in Odisha, the company imported 0.3-0.4 mt between May-July.
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