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.
Source : https://www.business-standard.com/economy/news/india-s-finished-steel-imports-from-china-hit-7-year-high-in-april-dec-125012700432_1.html
