As exports from China and Japan decreased, India’s finished steel imports dropped 27.6% in the first two months of the fiscal year that began in April, according to preliminary official data. According to the data, India, the second-largest producer of crude steel in the world, imported 0.9 million metric tons of finished steel in April and May, with exports from China and Japan declining 47.7% and 65.6%, respectively, from the previous year. According to the data, Japan shipped 0.1 million metric tons of completed steel to India over the two months, while China exported 0.2 million metric tons.
In an effort to stop an increase in low-cost exports, mostly from China, India temporarily raised the tariff on select steel imports by 12% in April. This measure is referred to locally as a safeguard duty. According to the data, South Korea was the leading supplier of finished steel to India in April and May, with shipments increasing 8.2% to 0.4 million metric tons. According to the report, India’s top imports were hot-rolled coils or strips, with imports from China, Japan, and South Korea making up 74.4% of the country’s total finished steel imports. According to the data, India was a net importer of finished steel during that time, while exports decreased 18.1% annually to 0.8 million metric tons.
India’s top exports at the time were coils or sheets of galvanized plain or corrugated steel. According to the report, India’s largest export destination was Belgium, where shipments increased 12.4% to 0.15 million metric tons. According to the report, shipments to Nepal and Spain increased while those to Italy fell 53.7%. India consumed 25.1 million metric tons of completed steel in April and May, a 7.1% increase over the same period last year. According to the figures, crude steel production increased 9.5% to 26.9 million metric tons.
