India’s finished steel imports fell 27.6pct YoY in the first two months of the current financial year (April-May), driven by sharp declines in shipments from China and Japan, according to provisional government data cited by Reuters.
Total imports stood at 0.9 mln tons, with Chinese shipments plunging 47.7pct to 0.2 mln tons and Japanese exports dropping 65.6pct to 0.1 mln tons. In contrast, South Korea emerged as the top exporter, increasing its shipments by 8.2pct to 0.4 mln tons.
Imports from China, Japan, and South Korea accounted for 74.4pct of India’s total finished steel imports during the period. HRC or strips were the most imported products.
To curb the influx of cheap steel, India imposed a 12pct temporary safeguard duty on select imports in April.
However, India remained a net importer during the two months, with exports falling 18.1pct YoY to 0.8 mln tons. Galvanized steel led export volumes, with Belgium as the top destination.
On the domestic front, finished steel consumption rose 7.1pct YoY to 25.1 mln tons, while crude steel production increased 9.5pct to 26.9 mln tons.
