According to preliminary government data examined by Reuters, India’s overall imports reached a three-year high during the first two months of the fiscal year starting in April, while its purchases of finished steel from China reached a six-year high.
China became India’s second-largest steel exporter in April and May after shipping 0.2 million metric tonnes of the alloy, an increase of 62% from the same time last year. A percent of India’s finished steel imports during the period came from China.
The report showed that India imported 0.9 million metric tonnes of completed steel in April and May, which was a 27% increase from a year earlier and the biggest amount since 2021. The majority of the cold-rolled coil or sheets that China, the biggest manufacturer of steel worldwide, exported to India.
The majority of the finished steel imported by India in April and May (30% of total finished steel imports) were cold-rolled coils or sheets.
According to Vivek Johri, chairman of the board of indirect taxes and customs, India’s federal steel ministry was considering imposing a countervailing tariff on steel imports from China.
South Korea shipped 0.4 million metric tonnes of finished steel to India between April and May, making up 38% of all of India’s imports.
However, the data indicated that India, the world’s second-largest producer of crude steel, was a net exporter of finished steel in April and May, selling 1.6 million metric tonnes to prestigious customers including Italy, Spain, Belgium, Nepal, and the United Kingdom.
