India’s finished steel imports from China hit a record high in the first seven months of the current financial year, with shipments reaching 1.7 mln tons from April to October, up 35.4pct YoY, according to provisional government data, Reuters reported.
Overall, India’s finished steel imports reached a seven-year high of 5.7 mln tons during April-October. Imports from Japan and Vietnam more than doubled, with China, South Korea, and Japan accounting for 79pct of the total.
To curb the influx of cheap imports, India’s steel ministry has requested a 25pct safeguard duty on flat steel products for two years. HRC were the largest imported product during the period.
Despite becoming a net importer of steel in fiscal year 2024, India’s steel consumption reached a seven-year high during April-October.
However, finished steel exports fell 29.3pct, with Italy becoming the largest buyer. Exports to Britain rose nearly 15pct during the same period.
