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India's Apr-Oct finished steel imports at seven-year high

India's ended up steel imports during AprilOctober surged to a sevenyear high at 5.7 million metric heaps, according to provisionary federal government data examined on Wednesday.

India, the world's second-biggest crude steel producer, had turned a net importer during 2023/24 and the trend has actually continued throughout April-October, the data revealed.

During April-September, China was the lead exporter of finished steel to India and this is extensively anticipated to be the case during April-October. Information will be understood later in the month.

India's steel ministry favours a safeguard task or a. short-term tax to curb increasing steel imports, a senior federal government. authorities had actually told Reuters last month.

India's steel need stays strong, driven by. facilities and automotives, however it has tapered in the United. States and Europe.

Consumption of completed steel in India touched a seven-year. high at 85.7 million metric heaps during April-October, the information. showed.

India's finished steel exports during April-October plunged. to their lowest in seven years to 2.8 million metric lots, the. data revealed.

The country's finished steel production was at 82.7 million. metric loads, up 4.4% on year, the information showed.

Crude steel production was 84.9 million metric heaps, up 3%. on year, the information showed.

(source: Reuters)