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India's April to May finished steel imports fell 27.6% on an annual basis as China and Japan shipments declined

The provisional data from the government, reviewed on Tuesday, showed that India's imports of finished steel fell by 27.6% during the first two-month period of the new financial year, which began in April. This was due to a decline in shipments coming from China and Japan.

The data shows that India, which is the second largest crude steel producer in the world, imported 0.9 millions metric tons (MT) of finished steel between April and May. Shipments from China dropped by 47.7%, while those from Japan fell by 65.6% compared to a year earlier.

The data revealed that China shipped 0.2 million metric tonnes of finished steel to India in the past two months. Japan also sent 0.1 million tons.

India implemented a temporary 12% tariff on certain steel imports in April. This is known locally as a "safeguard duty" and was imposed to stop a rush of cheap shipments, primarily from China.

The data shows that South Korea was India's top exporter of finished steel during April-May. Shipments increased 8.2%, to 0.4 millions metric tons.

The data revealed that India's largest imports were hot-rolled coils and strips.

The data revealed that India was a net buyer of finished steel in the period. Exports fell 18.1% on an annual basis to 0.8 millions metric tons.

India's largest exports during this period were galvanised coils or sheets, plain or corrugated.

The data revealed that Belgium was India's largest export market. Shipments increased 12.4% to 0,15 million metric tonnes.

The data shows that shipments to Italy fell by 53.7% while those to Nepal, Spain and other countries increased.

India's consumption of finished steel reached 25,1 million metric tonnes in April-May. This is an increase of 7.1% compared to a year ago. The data revealed that crude steel production increased 9.5%, to 26.9 millions metric tons.

(source: Reuters)