Schedule a Call Back
India's finished steel imports from China reach 7-year high
Industry News- Oct 01,24
Additionally, imports of finished steel from Russia also hit a six-year high during the same period, with Russian exports exceeding 54,000 tons—more than double the amount from the previous year.
India's finished steel imports from China surged to a seven-year high during the first five months of the 2024/25 financial year, according to provisional government data reviewed. Overall finished steel imports also reached a six-year high, totalling 3.7 million metric tons in the April-August period, driven by strong demand from the infrastructure and automotive sectors. This trend marks India as a net importer of finished steel.
In this period, India imported 1.1 million tons of finished steel from China, representing a 31.7% increase year-on-year. China was the largest exporter of finished steel to India, followed by South Korea and Japan, primarily supplying stainless steel, hot-rolled coil steel, galvanized sheets, and plates.
In response to the increasing imports, India's federal steel ministry is considering various trade measures to support domestic mills. Additionally, imports of finished steel from Russia also hit a six-year high during the same period, with Russian exports exceeding 54,000 tons—more than double the amount from the previous year.
Despite robust domestic demand, with finished steel consumption reaching a seven-year high of 60.3 million metric tons (up 13.8% from the previous year), the export market showed weakness. Finished steel exports fell to a seven-year low of 1.9 million tons, a decrease of 39.6% year-on-year. Italy was the largest destination for India's finished steel exports, importing approximately 360,000 tons—down 48.3% compared to the previous year.
India's crude steel production during this period was reported at 60.9 million tons, reflecting a 4.2% increase from the previous year. Meanwhile, domestic steel prices fell in August due to a supply-demand mismatch and declining offers, as noted in the steel ministry's report.
(ET & Data- Reuters)
Related Stories
Policy Regulation
GTRI calls for steel sector assessment before safeguard duty imposition
The Directorate General of Trade Remedies (DGTR) began an investigation last month into imports of ‘Non-Alloy and Alloy Steel Flat Products,’ which are used in various industries such as constru..
Read moreMachine Tools & Accessories
SPC banks on ZEISS microscopy for quality assurance in the steel industry
Quality assurance for companies that produce and process steel are very important. SPC Werkstofflabor GmbH relies on ZEISS microscopy to inspects materials for quality assurance in the steel industr..
Read moreAutomation & Robotics
The 3D metal revolution
India is rapidly emerging as a frontrunner in the world of 3D metal printing, a technology that is reshaping the way industries approach manufacturing. From aerospace to automotive, healthcare to de..
Read moreRelated Products
Heavy Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of heavy industrial ovens.
High Quality Industrial Ovens
INDUSTRIAL SUPPLIES
Hansa Enterprises offers a wide range of high quality industrial ovens. Read more
Hydro Extractor
INDUSTRIAL SUPPLIES
Guruson International offers a wide range of cone hydro extractor. Read more
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
