India’s finished steel imports during April-October surged to a seven-year high at 5.7 million metric tons, according to provisional government data reviewed by Reuters on Wednesday.
India, the world’s second-biggest crude steel producer, had turned a net importer during 2023/24 and the trend has continued during April-October, the data showed.
During April-September, China was the lead exporter of finished steel to India and this is widely expected to be the case during April-October. Details will be known later in the month.
India’s steel ministry favours a safeguard duty or a temporary tax to curb rising steel imports, a senior government official had told Reuters last month.
India’s steel demand remains strong, driven by infrastructure and automotives, but it has tapered in the United States and Europe.
Consumption of finished steel in India touched a seven-year high at 85.7 million metric tons during April-October, the data showed.
India’s finished steel exports during April-October slumped to their lowest in seven years to 2.8 million metric tons, the data showed.
The country’s finished steel production was at 82.7 million metric tons, up 4.4% on year, the data showed.
Crude steel production was 84.9 million metric tons, up 3% on year, the data showed.