JSW Steel Capacity Expansion: India's Iron Ore Imports Soar as JSW Steel Expands Capacity and Domestic Demand Rises, ETInfra
Expansion at Vijayanagar and Dolvi plants
Steel production and consumption on the rise
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India's iron ore imports are expected to increase to 8–10 million metric tonnes in 2025, according to traders and analysts. As per a report by Reuters, the rise is attributed to falling global prices and increased domestic steel demand . This increase is largely expected to be driven by JSW Steel, the country's largest steelmaker by capacity'We expect this year's iron ore imports to be around 8–10 million metric tons, largely by JSW Steel,' said Dhruv Goel, chief executive of commodities consultancy BigMint. India imported around 6 million tonnes last year, with JSW Steel accounting for most of it, he said.Global iron ore prices have fallen to below $90 per metric tonne from over $110 last year, making overseas purchases more attractive for Indian steelmakers. JSW Steel meets its iron ore needs through a mix of captive mines and external purchases.JSW Steel plans to add 1.5 to 2 million tonnes of annual capacity at its Vijayanagar plant in Karnataka during the current fiscal year ending March 2026, said Hui Ting Sim, assistant vice president at Moody's Ratings in Singapore. A separate plan to increase capacity by 5 million tonnes per year at its Dolvi plant in Maharashtra is also underway, she added.JSW Steel declined to comment, citing a quiet period ahead of its quarterly earnings announcement.India imports iron ore primarily from Australia and Brazil. However, imports from Oman have surged this year. Domestic pellet producers have raised concerns over shipments routed through Oman, which they claim originate from Iran in violation of US sanctions. They have urged the government to curb these imports, warning of potential harm to the local industry.Rising domestic demand for steel is expected to further support iron ore imports. 'We estimate India steel production to grow by 8 per cent this year to 162 million metric tons,' said Florence Sun, commodities strategist at Macquarie Group.Finished steel consumption in India reached 25.1 million tonnes between April and May, the first two months of the 2025–26 fiscal year, an increase of 7.1 per cent from the same period last year.
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