India’s imports of finished steel from China hit a five-year high in the first four months of the fiscal year that started in April, according to preliminary government data reviewed by Reuters.
Between April and July, China was India’s second largest steel exporter, with sales of 0.6 million metric tons, up 62% from the same period a year earlier.
In total, India imported 2 million metric tons of finished steel during this period, the highest level since 2020 and up 23% from the previous year.
China, the world’s largest steel producer, mainly exports cold-rolled steel coils or sheets to India.
South Korea is the largest exporter to India, shipping 0.7 million metric tonnes and accounting for 35% of total steel imports.
India, the world’s second largest producer of raw steel, was a net exporter of finished steel between April and July, with 2.6 million metric tons sold to buyers such as Italy, Spain, Belgium, Nepal and the United Arab Emirates, according to the data. data.
India’s crude steel production totaled 45.8 million metric tonnes between April and July, up 11.5% from a year earlier.
Finished steel consumption was 41.2 million metric tons, an increase of 12.2% compared to the previous year.
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