India’s finished steel imports fell 27.6 per cent in the first two months of the financial year that started in April, as shipments from China and Japan declined, provisional government data reviewed by Reuters showed on Tuesday.
India, the world’s second-biggest crude steel producer, imported 0.9 million metric tons of finished steel during April-May, the data showed, with shipments from China dropping 47.7 per cent and from Japan falling 65.6 per cent from a year ago.
China exported 0.2 million metric tons of finished steel to India during the two months, while Japan shipped 0.1 million metric tons during the period, the data showed.
In April, India imposed a 12 per cent temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
South Korea was the top finished steel exporter to India during April-May, with shipments rising 8.2 per cent to 0.4 million metric tons, the data showed.
Imports from China, Japan and South Korea accounted for 74.4 per cent of India’s overall finished steel imports and hot-rolled coils or strips were India’s biggest imports, the data showed.
India was a net importer of finished steel during the period, with exports falling 18.1 per cent year-on-year to 0.8 million metric tons, the data showed.
Galvanised plain or corrugated sheets or coils were India’s biggest exports during the period.
Belgium was India’s biggest export market, with shipments rising 12.4 per cent to 0.15 million metric tons, the data showed.
Shipments to Italy slumped 53.7 per cent, while those to Nepal and Spain went up, the data showed.
During April-May, India’s finished steel consumption reached 25.1 million metric tons, up 7.1 per cent from a year earlier. Crude steel production rose 9.5 per cent to 26.9 million metric tons, the data showed.