India’s finished steel imports fell by nearly 30 per cent in the first quarter of the financial year that began in April, according to provisional government data.
The country imported 1.4 million metric tonnes of finished steel during April–June, marking a 28.8 per cent decline compared to the same period last year.
Imports from China, Japan decline sharply
Shipments from China fell by 45.8 per cent, while those from Japan dropped by 65.2 per cent. China exported 0.3 million tonnes of finished steel to India during the period, while Japan shipped 0.2 million tonnes.
In April, India imposed a 12 per cent temporary tariff on certain steel imports, commonly referred to as a safeguard duty, to address a rise in low-priced shipments, mainly from China.
South Korea remained the largest exporter to India, sending 0.5 million tonnes of finished steel, a decline of 6.5 per cent year-on-year.
India continued to be a net importer during the quarter, with its steel exports decreasing by 5.1 per cent.
Belgium top destination for exports
Belgium emerged as the top destination for India’s finished steel exports, which rose by 40.8 per cent. Shipments to the United States, Spain and Nepal also increased, while exports to Italy declined.
India’s leading export by volume was galvanised plain or corrugated sheets or coils.
On the domestic front, crude steel production reached 40.6 million tonnes, reflecting an 11.2 per cent increase. Finished steel consumption stood at 38.3 million tonnes, an increase of 7.9 per cent.
Domestic rebar prices edged lower as market sentiment remained weak due to slow demand and the onset of the monsoon, the government report stated.