India's finished steel imports from China reach 7-year high

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India's finished steel imports from China reach 7-year high

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 reach 7-year high

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)