India to increase iron ore imports to multi-year high in 2025 – BigMint

Limited domestic supply leads to a significant increase in imports

Iron ore imports to India will reach a multi-year high this year, according to BigMint calculations.

In the first 11 months of 2025, preliminary data shows that total iron ore imports amounted to 10.6 million tons, of which 1.55 million tons were pellets. The volume of ore supplies from abroad reached its highest level since 2018, when high figures were caused by the suspension of mining at several mines in the state of Odisha.

JSW Steel became the largest importer of iron ore to India (8.7 million tons in January-November 2025). Brazil was the largest supplier of this raw material to the country during this period, with 4.2 million tons.

Only a slight increase in domestic production led to a significant growth in imports of mineral resources to India this year. In the first 10 months of 2025, it amounted to 237 million tons, compared to 233.3 million tons in January-October 2024. These figures barely matched the increase in steel production. Thus, imports can be seen as a measure to cover the domestic deficit.

In 2025, demand exceeded domestic production, and metallurgists were concerned about the availability of higher-quality ore. In addition, the market was constrained by delays in production at auctioned mines, while prolonged monsoons and high demand narrowed local supply.

At the same time, regional supply problems and high domestic transportation costs were the most important factors leading to an increase in imports of pellets.

It should be recalled that Vale is preparing to meet the growing demand for iron ore from India, which could double its steel production by the end of the decade. According to the company’s CEO Gustavo Pimenta, sales to India and other Asian markets will help offset stagnant demand from China, where steel production has remained at around 1 billion tons in recent years and may decline slightly.