In the initial eight months of the fiscal year starting April, India has transitioned into a net importer of finished steel, primarily driven by a surge in shipments from China. According to provisional government data viewed by Reuters on December 27, China emerged as the top exporter of finished steel to India during this period, shipping 1.3 million metric tons, marking a substantial increase of 48.2% from the previous year.
China, being the world’s leading steel producer, exported predominantly hot-rolled and cold-rolled coil or sheets to India, followed by plates and pipes. This influx of Chinese steel has prompted concerns within the Indian steel industry, leading to calls for government intervention to safeguard against such imports.
Between April and November, India’s total imports of finished steel reached 4.3 million tons, reflecting a 13.4% increase compared to the same period in the previous year, reaching a four-year high.
South Korea secured the position of the second-largest exporter of finished steel to India during this period, shipping 1.3 million metric tons. India, as the world’s second-largest crude steel producer, recorded an output of 94.1 million tons in the eight months, showing a 14.7% increase from the previous year.
The domestic consumption of finished steel in India stood at 87.1 million tons, reflecting a 14.9% increase, marking a five-year high.
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Disclaimer: This article is based on provisional government data and may be subject to updates.
