India’s finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the financial year, according to provisional government data seen by Reuters on Tuesday.
India, the world’s second-biggest crude steel producer, shipped in record quantities of finished steel during April-January, and was a net importer, Reuters had reported earlier.
Imports of finished steel from South Korea stood at 2.4 million metric tons, up 11.7% on year, the data showed. South Korea was the biggest exporter of the alloy to India during the period.
Finished steel shipments from China stood at 2.3 million metric tons during April-January, up 3.4% on year.
Finished steel imports from Japan stood at 1.8 million metric tons, up 88.6% on year, the data showed. Imports from China, South Korea and Japan accounted for 78% of India’s overall finished steel imports.
India’s fiscal year runs April through March. Imports from Indonesia stood at 0.3 million metric tons, up nearly three times from a year ago period.
Hot-rolled coil or strips were the most imported grades, the data showed, while bars and rods led shipments in the non-flat steel products category.
In December, India launched an investigation to determine whether it needed to impose a safeguard duty or a temporary tax to rein in unbridled imports of steel.
Last month, India’s Steel Minister H.D. Kumaraswamy told Reuters the government could impose a safeguard duty of 15% to 25% on steel imports.
Meanwhile, exports of finished steel slumped to an at least seven-year low during April to January.
Finished steel exports to Italy, the biggest export destination, nearly halved during the period. Exports to Belgium, Nepal and Spain also fell during April-January, the data showed.