As Indian iron ore producers plan to increase iron oreproduction in the fiscal year 2019-2020 (April 1, 2019 - March 21, 2020),Indian iron ore production is expected to reach 225 million tons in fiscal year2019-2020. The country's fiscal year 2018-2019 (April 1, 2018 - March 31,1919) is expected to produce 210 million tons of iron ore. The Indian CreditRating Agency (ICRA) has forecasted that Odisha, the largest producer of ironore in India, is expected to increase its production by 10% in FY 2020.
The increase in domestic iron ore production in India willreduce the country's dependence on imported iron ore. India has become a netimporter of iron ore this fiscal year, with iron ore imports reaching 15.7million tons. It will slide to 9.6 million tons. In addition, Indian iron oresupply exceeds demand. The ICRA research department predicts that the totaldomestic demand for iron ore in 2020 will be 213 million tons, plus importediron ore. In fiscal year 2021, India is expected to have 21.3 million tons ofiron ore remaining.
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