By Martin Shwenk Leade
IANSRepresentational
India’s finished steel imports fell 27.6% 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% and from Japan falling 65.6% 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% 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% to 0.4 million metric tons, the data showed.Live Events Imports from China, Japan and South Korea accounted for 74.4% 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% 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% to 0.15 million metric tons, the data showed. Shipments to Italy slumped 53.7%, 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% from a year earlier. Crude steel production rose 9.5% to 26.9 million metric tons, the data showed.(You can now subscribe to our Economic Times WhatsApp channel)
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onIndia steel imports 2023finished steel import declineChina Japan steel exportsIndian steel marketsteel tariff safeguard dutyApril May steel consumptioncrude steel production IndiaIndia finished steel tradeIndiaChina(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless