India’s finished steel imports from China touched a five-year high in the first five months of the fiscal year that began in April, according to provisional government data reviewed by Reuters.
During April-August, China was the second-biggest steel exporter to India, selling 0.8 million metric tons, up 69% from a year earlier.
China, the world’s top steel producer, exported mostly cold- rolled coil or sheets to India.
The steel industry has sought government intervention through safeguards against Chinese imports, a senior executive said, adding “urgent steps” were needed to curb shipments.
Earlier this month, India’s steel secretary Nagendra Nath Sinha said New Delhi was monitoring the steel import situation after concerns were raised over potential dumping by Chinese sellers.
During April-August, India imported 2.5 million tons of finished steel in the period, the highest since 2020 and up 22.4% from a year earlier.
South Korea was the top exporter to India, shipping 0.8 million tons.
However, India remained a net exporter of finished during April-August, with 3.1 million tons sold to buyers such as Italy, Spain, Belgium, Nepal and the UAE, the data showed.
Hot-rolled coil and strips were the most exported products, the data showed.
India’s crude steel output stood at 58.2 million tons, up 13.6% from the same period last year. The country is the world’s second-biggest crude steel producer.
Domestic Consumption of finished steel was 52.8 million tons, up 14% on the year.
The government report noted monsoon rains had contributed to a significant fall in steel prices in last few months as demand eased during the rainy season.
Source: www.business-standard.com