India sharply increased iron ore imports by more than 200% y/y in January-October

Imports of iron ore and pellets to India in January-October 2025 increased by more than 200% compared to the same period in 2024, reaching 9.8 million tons. This is evidenced by trade data, according to Kallanish.

Iron ore shipments accounted for 8.3 million tons of the total volume, and pellets for 1.51 million tons. The sharp increase in imports is explained by attempts by steel companies to ensure production with stable supplies of raw materials with a high iron content amid a shortage of high-quality ore on the domestic market.

The largest importer during this period was JSW Steel, which operates at high capacity utilization and prefers high-quality ore. Most of its recent purchases come from Brazil for a metallurgical plant in the state of Maharashtra. The largest volumes of imports were cleared at the port of Jaipur, which has strengthened its position as a key gateway for blast furnace metallurgists on the country’s west coast.

Oman ranks first in the supplier ranking, followed by Brazil and Australia. According to traders, part of the supply from Oman actually includes high-quality Iranian pellets and iron ore, which are redirected through the country and continue to enter the regional market through alternative channels.

Market participants attribute the jump in imports to the active expansion of blast furnace and converter capacities in India. At the same time, the modernization of ore enrichment systems lags behind the pace of production growth, forcing plants to increase purchases of imported raw materials to maintain the stability of blast furnaces and meet stricter requirements for blast furnace charge.

As one trader in Delhi notes, steelmakers will continue to prefer high-quality ore amid uneven domestic supply and logistical constraints. According to him, demand for imported raw materials will remain strong until at least 2026.

As a reminder, India planned to introduce a 30% export duty on low-grade iron ore from October 2025. In this way, the country seeks to secure raw materials for steel producers, lower prices, and stimulate value-added exports. In the 2024/2025 fiscal year, India exported about 30 million tons of iron ore. Most of the exports were fine or low-grade ores, which are not subject to export duties.