By Rituparna Ghosh | Cogencis
Even as lockdowns across the world have crippled manufacturing activity, India’s exports of iron ore, vital to the output of steel, have been thriving.
Under pressure to keep steel furnaces running even when demand for finished steel products has come to a standstill, steelmakers across the world have turned to cheap, low-grade iron ore exported by India to keep costs under control and preserve margins.
India’s Iron Ore Exports During Jan-Mar Were At 8.9 Mln Tn, Against 2.0 mln Tn In The Same Period Last Year, Data From The Steel Ministry Showed.
India’s iron ore exports during Jan-Mar were at 8.9 mln tn, against 2.0 mln tn in the same period last year, data from the steel ministry showed. In 2019-20 (Apr-Mar), exports were at 25.14 mln tn, sharply higher than 16.2 mln tn the previous year.
Steelmakers need to keep their blast furnaces running at all times. If such furnaces remain idle, they tend to harden into a mass of solid iron which would need to be replaced with a new one, leading to huge costs. Therefore, the only way to minimise losses is to source cheaper grades of ore to keep the furnace running…Full Story