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  • India’s iron ore imports are set to hit a 7-year high in FY26 due to strong steel demand and shortage of high-grade ore.
  • Total imports are expected to reach 12-14 million metric tons, more than double compared to the previous year.
  • Demand is largely driven by JSW Steel, especially for plants in Maharashtra and Karnataka.
  • Around 70% of imports come from Brazil and Oman, making them the key suppliers.
  • Discounted global supply (including rare shipments) has also boosted imports.
  • India’s iron ore production is expected to rise to 305 million tons in FY26, up from 289 million tons last year.
  • Despite higher production, imports continue due to quality (grade) requirements for steelmaking.
  • Iron ore exports are projected to decline to 29 million tons, with 85% exported to China.
  • India mainly exports low-grade iron ore, which is less useful for domestic steel plants.
  • Imports may remain elevated in the next fiscal year depending on plant-level demand and ore quality gaps.
  • Iron ore pellet imports (mainly from Iran) are expected to decline due to geopolitical tensions and improved domestic availability.
  • India imported 1.88 million tons of pellets (Apr-Feb FY26), a sixfold increase year-on-year, though this trend may reverse.