India's finished steel imports from China hit 7-year high in April-Dec

Steel Authority of India

27/01/2025 06:49

By Neha Arora
       NEW DELHI, Jan 27 (Reuters) - India's finished steel
imports from China touched their highest levels in at least
seven years during the first nine months of the financial year
that began in April, according to provisional government data
reviewed by Reuters on Monday.
    China, the world's top steel producer, shipped 2.1 million
metric tons of finished steel to India during April-December, up
13.3% year-on-year, the data showed.
    Beijing was the top exporter of finished steel to India
during the period.
    Shipments from China, South Korea and Japan accounted for
79% of India's overall finished steel imports during the period.
    South Korea's finished steel exports to India during
April-December touched a five-year high at 2.1 million metric
tons, up 7.2% year-on-year, the data showed.
    Japan's finished steel exports to India touched an at least
seven-year high, nearly doubling year-on-year to 1.6 million
metric tons, according to the data.
    India's overall finished steel imports reached a six-year
high during April-December, as previously reported by Reuters.
    India, the world's second-biggest crude steel producer, had
turned a net importer of finished steel in the previous
financial year. The trend has since continued, with shipments
from China rising steadily.
    India is conducting a probe to determine the need for
imposition of a safeguard duty or a temporary tax to curtail
unbridled steel imports.
    During April-December, hot-rolled coils or strips were the
most imported product during the period, the data showed.
    Imports of non-flat products also rose 13.8% from last year,
led by bars and rods.
    Finished steel exports slumped 24.6% to 3.6 million metric
tons, their lowest point in at least six years, the data showed.
    Italy was the biggest exports market for India's finished
steel products, although shipments fell 38.8% from levels seen
last year.
    Exports to Belgium, Spain and Nepal also fell.
    However, exports to the United Kingdom were up nearly 20%
year-on-year, the data showed.
    
    

 (Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)
 ((neha.dasgupta@tr.com;))