India's April-October Finished Steel Imports Reach 7-Year High
15 Nov 2024 CW Team
India's finished steel imports during April-October reached a seven-year high of 5.7 million metric tons, according to provisional government data reviewed by Reuters on Wednesday.
India, the world's second-largest crude steel producer, had become a net importer in 2023/24, and this trend continued during the April-October period, the data indicated.
From April to September, China had been the leading exporter of finished steel to India, and this was widely expected to remain the case during the April-October period. Further details would be revealed later in the month.
A senior government official had informed Reuters last month that India's steel ministry was in favor of implementing a safeguard duty or a temporary tax to curb the rising imports of steel.
India's steel demand remained strong, primarily driven by infrastructure and the automotive sector, although it had slowed down in the United States and Europe.
The consumption of finished steel in India reached a seven-year high of 85.7 million metric tons during April-October, according to the data. Meanwhile, India's finished steel exports during this period slumped to their lowest in seven years, totaling 2.8 million metric tons. The country's finished steel production amounted to 82.7 million metric tons, marking a 4.4% increase compared to the previous year. Crude steel production stood at 84.9 million metric tons, reflecting a 3% year-on-year rise.