2024-12-20 08:41:00
China sent 1.96 million metric tons of steel to India during April-November.
New Delhi:
India’s finished steel imports from China reached an all-time high during the first eight months of the fiscal year to March 2025, provisional government data showed, adding to concerns among domestic mills about cheap shipments from China.
Total imports of finished steel were at an eight-year high with India, the world’s second-biggest crude steel producer, a net importer during the period.
India shipped in 6.5 million metric tons of finished steel, a 26.6% increase year-on-year, the data showed.
China sent 1.96 million metric tons of steel to India during April-November, up 22.8% year-on-year, the data showed.
Beijing mainly exported stainless steel, hot-rolled coil, plates, electrical sheets, galvanized plain or corrugated sheets, pipes, bars and rods, among other grades.
Finished steel imports from Japan also reached at least a six-year high during April-November, with imports more than doubling to 1.4 million metric tons, according to the data.
China, Japan and South Korea accounted for 79% of India’s total finished steel imports during the period.
Hot-rolled coils were the most imported steel product during the period, while bars and rods topped imports in the non-flat product category.
New Delhi has launched a probe to determine whether to impose a safeguard duty – a temporary tax – of up to 25% to curb unbridled steel imports.
India became a net steel importer in the financial year that ended in March 2024, and imports have steadily increased since then.
The flood of cheap Chinese steel has pushed India’s smaller mills to scale down operations and consider job cuts, as New Delhi joins a growing list of countries contemplating measures to curb imports.
Unlike other major economies, India’s steel demand has remained strong, thanks to robust economic growth and the launch of new infrastructure projects.
Finished steel exports during April-November fell to an eight-year low, the data showed.
Italy was the largest export market for India’s finished steel, but shipments fell 31.8% year-on-year.
Finished steel exports to Britain and Belgium rose by 16% and 6.9% respectively, the data showed.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
India,China,Steel imports
Source link
