India’s April-Oct. steel imports from China at four-year high

India’s finished steel imports from China touched a four-year high in the first seven months of the fiscal year that began in April, according to provisional government data reviewed by Reuters on Wednesday.

China was the top exporter of finished steel to India during April-October, shipping in 1.1 million metric tons of the alloy, up 47.3% on the year.

China, the world’s top steel producer, exported mostly cold-rolled coil or sheets to India, followed by hot-rolled coil products, plates, and pipes, among others.

The Indian steel industry has sought government intervention through safeguards against Chinese imports.

During April-October, India imported a total of 3.5 million metric tonnes of finished steel, up 10.1% from a year earlier. Overall imports were also at a four-year high, data showed.

Earlier this month, India’s federal steel secretary flagged rising imports as a concern.

South Korea was the second-biggest exporter of finished steel to India during April-October, shipping 1.1 million metric tons.

However, India remained a net exporter of finished steel during April-October, with 3.5 million metric tonnes sold to buyers such as Italy, Spain, Belgium, Nepal and the UAE, government data showed.

Hot-rolled coils and strips were the most exported products, according to the data.

India’s crude steel output stood at 82.2 million tons in the April-October period, up 15% from last year. India is the world’s second-biggest crude steel producer.

Domestic consumption of finished steel was 75.8 million tons, up 15% on the year.
Source: Reuters

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