According to provisional government data, India’s import of finished steel reached its highest level since 2021, totaling 0.9 mln tons in April and May. This marked a significant increase of 27pct compared to the same period the previous year.
During April and May 2023, South Korea emerged as the primary exporter of finished steel to India, shipping 0.4 mln tons, which accounted for 38pct of India’s overall imports.
India’s imports of finished steel from China reached a six-year high in the given period, while the country’s overall imports hit a three-year high, selling 0.2 mln tons, a notable increase of 62pct compared to the same period the previous year. Imports from China constituted a quarter of India’s total finished steel imports during this period.
Cold-rolled coil or sheets accounted for a significant portion of India’s imports in April and May, representing 30pct of the overall finished steel imports.
However, India still turned into a net exporter of finished steel in April and May. The country sold 1.6 mln tons to top buyers such as Italy, Spain, Belgium, Nepal, and the United Kingdom.
During April and May, India witnessed a surge in its finished steel exports to Italy, reaching the highest level in six years.
In terms of production, India’s crude steel output in April and May amounted to 22.4 mln tons, demonstrating a 6pct increase compared to the previous year. Additionally, the consumption of finished steel reached its highest level in six years, reaching 20.3 mln tons, marking an 8pct growth compared to the previous year.
