India looms large on the iron ore horizon: FMG – by Glenda Korporaal (The Australian – March 27, 2017)

India could be the next big source of demand for Australian iron ore, according to Fortescue Metals chief executive Nev Power.

“Right now China is our major customer but, through Asia and into India, we are seeing very strong growth rates,” he said in an interview with The Australian on the weekend.

“India is now the fastest growing economy in the world, growing at around 7.6 per cent. “It is still has a long way to go before it catches up to China, but with 1.4 billion people you can see that the demand for infrastructure and commodities is going to increase.

“We are seeing very strong growth rates in all of the Asian economies. “That is where there will be tremendous growth — urbanisation and industrialisation — which will impact the demand for iron ore.”

Mr Power said Fortescue had sold some iron ore to India but the country was not yet a big importer of the resource.

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