India’s finished steel imports fell 11.3pct YoY to 0.5 mln tons in April, driven by a sharp decline in shipments from China and Japan, according to provisional government data reported by Reuters.
The drop follows India’s imposition of a 12pct safeguard duty on flat steel imports, aimed at curbing a surge in inflows. Imports from China fell 26.5pct to 0.1 mln tons, while Japanese shipments plunged 60pct to 85,600 tons.
South Korea emerged as the top exporter to India, with imports rising 2.4pct to 0.15 mln tons. Meanwhile, imports from France and Germany surged, with volumes jumping tenfold to 30,300 tons and fivefold to 30,600 tons, respectively, mainly consisting of steel plates.
Despite the slowdown in imports, India remained a net steel importer in April. Finished steel exports declined 25.7pct YoY to 0.4 mln tons. Notably, shipments to key European markets like Belgium and Italy fell 6pct and 60.4pct, respectively.
India’s finished steel production stood at 12.4 mln tons in April, while crude steel output reached 12.9 mln tons.