India is going to be a net IO importer shortly. 282 Mt produced...

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jhunt

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23/04/24

14:59

Post #: 73478306
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Originally posted by scrabble1: ↑

One of the other reasons for the surge in IO stock at ports has been the significant export of low grade IO to China from India. Massive surge late last year and early this year.

There had been nothing forthcoming as yet in relation to IO being quarantined for domestic steel production which hit a record in CY at 140mt.

Second link discusses steel production in first quarter this year in India which hit record 37mt. (Run rate at 148mtpa and likely to continue compounding quarterly)

they aim to hit 300mt by end of decade and 500mtpa in just over 20 years (third link)

Soon enough, through regulation or fast growing steel consumption demand, IO exports will either decrease or stop altogether as domestic steel production is prioritised. India will then likely become a net IO importer. It will happen soon enough

https://www.thehindubusinessline.co...three-year-high-at-478-mt/article68061447.ece

India’s iron ore exports at a three year high at 47.8 MT
Updated - April 13, 2024 at 09:01 PM. | New Delhi
“China accounted for over 90% of the purchase of this key raw material, used primarily in steel-making; Outbound shipments was 43.20 MT

India’s iron ore exports stood at 47.8 million tonne (MT) for FY24”

“Indian exports were quite high until January 2024, moving up from 3.41 MT in September and increased t 6.29 MT in December. It peaked in January.

Post a 6.63 MT export in January – highest for the fsical, outbound shipments have dropped for two consecutive months – in February and March.

February sales stood at 5.18 MT, down 22 per cent sequentially (over January), while for March it further slipped to 3.60 MT (down 31 per cent sequentially and down 45 per cent over January peaks).”

https://m.economictimes.com/industr...-fy24-steelmint/amp_articleshow/109382722.cms

the consumption of finished steel rose 6 per cent to 33 MT in the January-March period of FY24 from 31 MT in the year-ago period.

The production of crude steel was 37 MT during the quarter, 12.1 per cent more than 33 MT in the year-ago quarter.

https://m.economictimes.com/industr...-three-fold-by-2047/articleshow/109173405.cms

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India is going to be a net IO importer shortly. 282 Mt produced in 2023. They'll need 800 Mt p.a. over time, according to targets, and are looking at some serious mine depletion rates if no new exploration occurs in the near future.

Synopsis
India aims to triple its domestic steel production capacity to 500 million tonnes per year by 2047 while reducing emission intensity to 2.25 tonnes of CO2 per tonne of crude steel production by fiscal year 2029, with further reductions targeted by 2047. These targets surpass the goals outlined in India's Nationally Determined Contributions (NDCs) for the steel sector.

Read more at:
https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/india-plans-to-raise-steel-production-capacity-three-fold-by-2047/articleshow/109173405.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

FMG Price at posting: $24.63 Sentiment: Buy Disclosure: Held
4 Upvote

0 Great analysis

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