India’s finished steel imports from China, South Korea, and Japan reached a record high in the first 10 months of the financial year, according to provisional government data cited by Reuters.
Imports from South Korea rose 11.7pct YoY to 2.4 mln tons, while shipments from China increased 3.4pct to 2.3 mln tons. Imports from Japan saw the sharpest rise, surging 88.6pct YoY to 1.8 mln tons. Together, these three countries accounted for 78pct of India’s total finished steel imports.
Hot-rolled coil and strips were the most imported steel grades, while bars and rods led shipments in the long steel products category.
In contrast, India’s finished steel exports fell to a seven-year low during the same period. Exports to Italy, India’s largest market, nearly halved, while shipments to Belgium, Nepal, and Spain also declined.
