While still modest compared to China’s nearly 1.25 Bt per year, India imported 5.9 Mt over January–July 2025 — more than double year on year. If this pace continues, calendar 2025 imports could exceed 12 Mt.
Historically, India’s iron ore imports were price-sensitive and opportunistic, surging during market downturns such as in 2015 and 2018. This year, however, the rebound appears structural, reflecting the country’s double-digit steel output growth and strengthening domestic demand.
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