India’s finished steel imports from China hit a seven-year high during the first five months of fiscal year 2024/25, provisional government data reviewed by Reuters showed. India’s total finished steel imports also hit a six-year high at 3.7 million metric tons in the April-August period this year, with the country a net importer.
The world’s second-largest crude steel producer has been consuming the alloy at a faster pace with strong demand from the infrastructure and automotive sectors. India shipped 1.1 million tonnes of the alloy from China in the April-August period, up 31.7 per cent from the same period a year earlier, the data showed. China was the largest exporter of finished steel to India during this period, followed by South Korea and Japan, mostly sending stainless steel, hot-rolled coil steel, galvanised sheets and plates. India’s Federal Steel Ministry is discussing various trade measures against imports in response to calls from Indian steel mills.
India’s finished steel imports from Russia during the April-August period also hit a six-year high, the data showed. Russia, whose finished steel exports of around 54,000 tonnes, more than double that of a year ago, was also the fifth-largest exporter of finished steel to India during the period. Domestic steel prices fell in August, India’s steel ministry noted in its report. “India’s domestic rebar prices fell during the month under review, reflecting the ongoing challenges in the market, which included supply-demand mismatch and falling supplies,” it said. However, for April-August, domestic demand was robust as finished steel consumption touched a seven-year high at 60.3 million metric tonnes, up 13.8 percent from a year ago. But, overseas markets were subdued and finished steel exports fell to a seven-year low during the period. India’s total finished steel exports were 1.9 million tonnes in April-August, down 39.6 percent from a year ago. Italy, the top export destination for India’s finished steel exports, imported around 360,000 tonnes, down 48.3 percent from a year ago. India’s crude steel output was 60.9 million tonnes during the period, up 4.2 percent from a year ago, the data showed.
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