India’s steel imports fell sharply in February to 0.6 mln tons, marking a 40pct decline sequentially and 29pct drop month-on-month.
The decline was driven by concerns over an ongoing DGTR probe, which has raised expectations of safeguard duties, affecting buying sentiment.
Steel exports also remained under pressure, plunging 60pct in February to 0.4 mln tons, down from 1 mln tons a year ago. However, on a month-on-month basis, shipments remained flat.
Over the 11-month period, imports stood at 8.9 mln tons, reflecting a 16pct increase YoY, while exports fell 34pct YoY to 4.9 mln tons, making India a net steel importer, according to a Steel Ministry report.
As of February, domestic steel consumption rose nearly 12pct YoY to 138 mln tons, while finished steel production reached 132.6 mln tons, up 5pct YoY.
