Iron ore import into the country zoomed 190 per cent to 6.34 million tonnes (mt) during April-August, the first five months of this financial year.This data from the Pellet Manufacturers Association of India (PMAI) shows a projection of over 12 mt for the full year. In 2017-18, ore import was 8.6 mt, itself 48 per cent higher than in 2016-17. Import is on an upswing since steel plants on the coast have shown an increasing tendency to import the key ingredient. Importing is cheaper option for such units than buying from the domestic market.A senior executive with a steel company said, "Price hikes (of ore) in the domestic market have been exorbitant in the past three to four months. Importing of ore is viable for operations."Between July and September, prices of iron ore fines in Odisha, the largest producing state, rose 80 per cent; prices of lumps moved up 29 per cent. Government-owned NMDC, the single biggest producer, raised prices twice last month. In the latest one, it raised ...
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