According to India’s customs data, Indian iron ore imports totaled 5.5 million mt in 2017, a 13 percent decrease from the 6.33 million mt imported in 2016. The decrease in imports is attributed to an increase in domestic availability of the product as well as the preference by steelmakers to use domestic iron ore.
As part of the National Mineral Exploration Policy (NMEP 2016), the Indian government has been implementing measures including incentives, support on ease of doing business, and tabs on illegal mining, to support the domestic mineral sector.
In the first half of 2017, India imported 2.11 million mt of iron ore, a loss of 35 percent compared to the 3.25 million mt imported in the first half of 2016. In the second half of 2017, India imported 3.39 million mt, which was 10 percent higher compared to the 3.08 million mt imported in 2016.