Latest News

India's steel imports from China hit record high, newest information programs

India's completed steel imports from China reached an alltime high throughout the first seven months of the existing financial year from April, according to provisional federal government information evaluated , rattling numerous small Indian steel manufacturers.

China, the world's greatest steel producer, shipped 1.7 million metric tons of finished steel to India throughout April-October, a 35.4% boost year-on-year, the data showed.

This has intensified the degrading monetary health of Indian steel manufacturers fighting with low-cost Chinese imports and falling domestic prices in spite of robust need driven by quick economic growth and rising facilities spending in the world's fastest growing major economy.

China, the world's most significant steel producer, primarily delivered stainless-steel, hot-rolled coils, galvanised sheets, plates and electrical sheets, among other grades during the duration, the information showed.

India's general ended up steel imports surged to a. seven-year high of 5.7 million metric loads during the. April-October period.

Ended up steel imports from Japan and Vietnam more than. doubled throughout the duration, the information revealed. China, South Korea. and Japan accounted for 79% of overall finished steel imports. in between April and October.

India's steel ministry has looked for a 25% safeguard duty or a. momentary tax for 2 years on flat-steel items to suppress cheap. Chinese imports, according to a letter seen .

There is a looming risk of substantial boost in cheap imports. from China, Sandeep Poundrik, the most senior civil servant at. the Ministry of Steel stated in a letter to his counterpart in the. trade ministry. The letter was dated Nov. 27.

The steel ministry did not react to a Reuters email. looking for remarks.

During April-October, hot-rolled coils were the largest. imported grade, while bars and rods topped the imported grades. in the non-flat item classification, the information showed.

India, the world's second-biggest crude steel producer,. became a net importer of the alloy in the fiscal year to March. 31, 2024 and the trend has continued since.

However, demand has been strong, with intake of. finished steel reaching a seven-year high throughout April-October.

India's ended up steel exports fell 29.3% during. April-October, and Italy emerged as the greatest purchaser of Indian. steel.

But exports to Britain leapt almost 15% between April and. October, the information revealed.

(source: Reuters)