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Trade Trends News
24-09-2024
India's finished steel imports from China hit a seven-year high in the first five months of fiscal 2024/25.
India's total finished steel imports also hit a six-year high of 3.7 million tons in April-August this year, making it a net importer.
The world's second-largest crude steel producer has been consuming the alloy at a faster rate due to strong demand from the infrastructure and automobile sectors.
India exported 1.1 million tons of aluminum alloy from China between April and August this year, up 31.7 percent from a year earlier, import data showed.
China was India's largest exporter of finished steel during the period, followed by South Korea and Japan, with major exports of stainless steel, hot rolled coils, galvanized sheets and plates.
India's Union Steel Ministry is discussing various trade measures against imports in response to calls from Indian steelmakers.
India's imports of finished steel from Russia also hit a six-year high during the April-August period, import data showed.
Russia exported about 54,000 tons of finished steel, more than double the previous year, and was also India's fifth largest exporter of finished steel during the same period.
India's steel ministry noted in a report that domestic steel prices fell in August.
The report said, “Domestic rebar prices in India declined during the month, reflecting the ongoing challenges faced by the market, including mismatch between demand and supply and falling quotations.”
However, domestic demand was strong from April to August, with finished steel consumption touching a seven-year high of 60.3 million tons, up 13.8 percent year-on-year.
Overseas markets, however, performed sluggishly, with finished steel exports falling to the lowest level in seven years during the period.
India's overall finished steel exports in April-August stood at 1.9 million tons, down 39.6% year-on-year.
Italy was the top export destination for India's finished steel exports, with imports of about 360,000 tons, down 48.3% year-on-year.
Import data showed that India's crude steel production in the first quarter was 60.9 million tons, up 4.2% year-on-year.
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