Seshagiri News

India's JSW Raises Iron Ore Imports

JSW Steel, led by billionaire Sajjan Jindal and India's third-largest maker of the alloy, will import 6 million metric tons of iron ore this fiscal year compared with no shipments a year earlier due to production cutbacks at home. JSW's return to the sea-borne iron ore market after a gap of more than a year could further support prices that seem to be recovering after sliding to 21-month lows in mid-June. India's Supreme Court in May ordered the temporary closure of some iron ore mines in top producing state Odisha pending renewal of their licences. This has cut output from the state that produced more than 70 million metric tons last fiscal year. A previous court clampdown on illegal mining in Karnataka and Goa states have also stifled supplies.