More Chinese Steel Enters India
India continued to be a net importer of steel during the first four months of the current fiscal year beginning April, with China as its biggest supplier of the alloy, according to provisional government data seen by Reuters.
India imported 2.69 million metric tons of steel between April and July, and exported 1.57 million tons, the data 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 then, with imports from China rising steadily.
China was the top steel exporter to India from April to July, shipping about 807,000 tons to its neighbor. It was followed by Japan and South Korea, the data showed.
Leading Indian steelmakers such as JSW Steel and Tata Steel have cited rising imports into India as a major concern, and the government has initiated an anti-dumping investigation on certain steel products imported from Vietnam.
Steel prices in India have plunged to their lowest level in more than three years due to higher imports and subdued exports, according to data from commodities consultancy BigMint.
During April-July, India's crude steel production was 48.8 million metric tons, while finished steel production was 47 million tons, the data showed.
Italy was the biggest buyer of Indian steel during the period, followed by Belgium and the United Kingdom, the data showed.
(Reuters)