By Neha Arora
NEW DELHI (Reuters) – India’s finished steel imports during the first 11 months of the financial year, which began in April, stood at 8.98 million metric tons, marking a 15.8% year-on-year increase, according to provisional government data reviewed by Reuters on Tuesday.
India, the world’s second-biggest crude steel producer, became a net importer in 2023/24, a trend that has continued with rising shipments from China, South Korea and Japan.
Last month, India recommended a 12% temporary tax on certain steel products for 200 days, known as a safeguard duty, in an attempt to curb imports.
South Korea was the biggest exporter of the alloy to India during April-February, with shipments reaching 2.6 million metric tons, up 7.1% year-on-year, the data showed.
Finished steel imports from China totalled 2.4 million metric tons, down 5.3% year-on-year, while imports from Japan reached 1.9 million metric tons, marking a nearly 70% year-on-year increase, the data showed.
Flat steel products accounted for 95% in overall finished steel imports, the government report said, adding that hot-rolled coils or strips were the most imported product by volume.
India’s finished steel exports during April-February stood at 4.4 million metric tons, down 33.7% year-on-year, the data showed.
Italy was the biggest exports destination during the period but shipments slumped 56.2%, while exports to Belgium and Spain also dropped, according to the data.
Shipments to Europe were likely to be further affected by the European Union’s tightened import restrictions, but the Indian government was confident that strong domestic demand would offset the impact, Reuters reported last week.
The country’s finished steel consumption was at 137.8 million metric tons, up 11.3% year-on-year.
Crude steel production was at 138.2 million metric tons during the period, up 5.2% year-on-year, the data showed.
(Reporting by Neha Arora; Editing by Sherry Jacob-Phillips)
