Our Terms & Conditions | Our Privacy Policy
India’s steel imports from China jumped to a seven-year high in the first five months of the 2024-25 financial year, which began in April.
Provisional government data seen by Reuters showed India’s overall finished steel imports also reached a six-year high at 3.7 million metric tons in the April-August period of this year, and the country was a net importer.
The world’s second-biggest crude steel producer has been consuming the alloy at a faster pace with robust demand from the infrastructure and automotive sectors.
ALSO SEE: China’s PBOC Cuts Short-Term Rate, to Discuss Outlook Tuesday
India shipped 1.1 million tons of the alloy from China in the April-August period, up 31.7% year-on-year, the data showed.
China was the largest exporter of finished steel to India during this period, followed by South Korea and Japan, primarily shipping stainless steel, hot-rolled coil steel, galvanised sheets, and plates.
India’s federal steel ministry is discussing various trade measures against imports in response to calls from Indian mills.
Imports of Russian steel also double
India’s imports of finished steel from Russia during the April-August period also hit a six-year high, the data showed.
Russia, whose exports of finished steel at around 54,000 tons, more than doubled from a year ago, was also the fifth-largest exporter of finished steel to India during the period.
Domestic steel prices fell in August, India’s steel ministry noted in its report.
“Indian domestic rebar prices fell during the month under review reflecting the ongoing challenges in the market which included supply-demand mismatch and falling offers,” it said.
However, for April-August, domestic demand was robust, as finished steel consumption touched a seven-year high at 60.3 million metric tons, up 13.8% from a year ago.
But, overseas markets were subdued and finished steel exports fell to a seven-year low during the period.
India’s overall finished steel exports were 1.9 million tons in April-August, down 39.6% from a year ago.
Italy, the top export destination for India’s finished steel exports, imported around 360,000 tons, down 48.3% year-on-year.
India’s crude steel production was at 60.9 million tons during the period, up 4.2% from a year ago, the data showed.
- Reuters with additional editing by Jim Pollard
ALSO SEE:
Rising India Overtakes China in Key MSCI Equities Index
India’s Solar, Wind Power Surge Amid Green Target Chase
India Generates Fifth of World’s Plastic Emissions – SCMP
Indian Oil Tycoon Says New Energy Will Earn As Much As Refineries
Climate Change ‘Fuelled’ Rain That Led to Fatal Indian Landslides
India Not About to Drop Ban on Chinese Investment: Trade Minister
India Finance Minister Backs Call For Chinese Investment Return
‘Hello China, Goodbye India’: Musk’s Trip Seen As Snub To Modi
India Hits New High on Key MSCI Index as China Slides
India’s Close Scrutiny of China Firms Worries Suppliers: Xiaomi
Investors Exiting China Flock to India Despite Overheating Risk
Jim Pollard
Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.