India’s finished steel imports during the first 11 months of the financial year, which began in April, stood at 8.98 million metric tonnes, marking a 15.8 per cent year-on-year increase, according to provisional government data reviewed by Reuters on Tuesday.
India, the world’s second-biggest crude steel producer, became a net importer in 2023/24, a trend that has continued with rising shipments from China, South Korea and Japan.
Last month, India recommended a 12 per cent temporary tax on certain steel products for 200 days, known as a safeguard duty, in an attempt to curb imports.
South Korea was the biggest exporter of the alloy to India during April-February, with shipments reaching 2.6 million metric tonnes, up 7.1 per cent year-on-year, the data showed.
Finished steel imports from China totalled 2.4 million metric tonnes, down 5.3 per cent year-on-year, while imports from Japan reached 1.9 million metric tonnes, marking a nearly 70 per cent year-on-year increase, the data showed.
Flat steel products accounted for 95 per cent in overall finished steel imports, the government report said, adding that hot-rolled coils or strips were the most imported product by volume.
India’s finished steel exports during April-February stood at 4.4 million metric tonnes, down 33.7 per cent year-on-year, the data showed.
Italy was the biggest exports destination during the period but shipments slumped 56.2 per cent, while exports to Belgium and Spain also dropped, according to the data.
Shipments to Europe were likely to be further affected by the European Union’s tightened import restrictions, but the Indian government was confident that strong domestic demand would offset the impact, Reuters reported last week.
The country’s finished steel consumption was at 137.8 million metric tonnes, up 11.3 per cent year-on-year.
Crude steel production was at 138.2 million metric tonnes during the period, up 5.2 per cent year-on-year, the data showed.