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India's Iron Ore Imports Surge to Record Highs
7 Jun
Summary
- India's iron ore imports reached a record 5 million tonnes in Q1 2026.
- Imports in Q1 2026 were up 127% from the previous year's same period.
- Brazil is India's largest iron ore supplier, accounting for 36% of imports.
India's dry bulk shipping market is experiencing its most robust first-half performance since 2023, largely fueled by a significant increase in imported iron ore.
During the January-March quarter of 2026, India imported a record 5 million tonnes of iron ore. This volume represents a 127% surge compared to the same period last year and more than quadruples the 1.1 million tonnes imported in Q1 2024.
Brazil has become India's top supplier, contributing 1.8 million tonnes, or 36%, of the total imports during the quarter. Oman and Australia were other notable suppliers.
This import growth is attributed to India's expanding crude steel capacity, which surpassed 220 million tonnes in 2025-26. Concerns regarding the reliability of West Asian pellet supplies have also prompted Indian buyers to diversify their sourcing.
Coastal steel manufacturers are key drivers of this trend, finding imported seaborne ore more cost-effective than inland sources. JSW Steel, for instance, has increased its demand for premium imported ore due to capacity expansions.
The reliance on imported ore stems from domestic production being weighted towards lower-grade materials, creating quality challenges for large integrated steel plants requiring high-grade feedstock for efficient operations. Brazilian ore, in particular, is valued for its quality and is used as a 'sweetener' to blend with lower-grade domestic ore.
