Indian steelmaker JSW Steel's joint managing director Seshagiri Rao has told CNBC TV18 that JSW Steel will import 10 million mt of iron ore this year, rising from the planned 6 million mt, "after having seen severe shortages in India and unreasonable prices in the Indian market".
Commenting on the recent iron ore price slump, Mr. Rao said that the same trend has not been witnessed in India due to the domestic iron ore supply shortage, adding that India could see a production deficit of 30 million mt this year. He went on to say that imports are cheaper than getting iron ore from Odisha and Chhattisgarh at current prices.
The SAIL managing director stated that the company's annual iron ore production guidance for the current financial year remains at 12.9 million mt.