India’s finished steel imports from China hit 7-year high in April-August | News
India’s finished steel imports from China hit a seven-year high during the first five months of the 2024/25 financial year, provisional government data reviewed by Reuters showed.
India’s overall finished steel imports also reached a six-year high at 3.7 million metric tons in the April-August period of this year, and the country was a net importer.
The world’s second-biggest crude steel producer has been consuming the alloy at a faster pace with robust demand from the infrastructure and automotive sectors.
India shipped 1.1 million tons of the alloy from China in the April-August period, up 31.7 per cent year-on-year, the data showed.
China was the largest exporter of finished steel to India during this period, followed by South Korea and Japan, primarily shipping stainless steel, hot-rolled coil steel, galvanised sheets, and plates.
India’s federal steel ministry is discussing various trade measures against imports in response to calls from Indian mills.
India’s imports of finished steel from Russia during the April-August period also hit a six-year high, the data showed.
Russia, whose exports of finished steel at around 54,000 tons, more than doubled from a year ago, was also the fifth-largest exporter of finished steel to India during the period.
Domestic steel prices fell in August, India’s steel ministry noted in its report.
“Indian domestic rebar prices fell during the month under review reflecting the ongoing challenges in the market which included supply-demand mismatch and falling offers,” it said.
However, for April-August, domestic demand was robust, as finished steel consumption touched a seven-year high at 60.3 million metric tons, up 13.8 per cent from a year ago.
But, overseas markets were subdued and finished steel exports fell to a seven-year low during the period.
India’s overall finished steel exports were 1.9 million tons in April-August, down 39.6 per cent from a year ago.
Italy, the top export destination for India’s finished steel exports, imported around 360,000 tons, down 48.3 per cent year-on-year.
India’s crude steel production was at 60.9 million tons during the period, up 4.2 per cent from a year ago, the data showed.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 23 2024 | 3:41 PM IST
