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Trade Trends News
11-11-2024
According to preliminary government data reviewed by Reuters on Friday, India's steel imports during the period from April to September this year were primarily from China, with China remaining a net steel exporter.
The data shows that India, the world's second-largest producer of crude steel, imported 4.7 million tons of crude steel from April to September this year, marking a 42.2% year-over-year increase in steel imports.
During the same period, China exported 1.4 million tons of steel to India, a 36.7% increase compared to the previous year in steel import volumes.
The data indicates that hot-rolled coils were India's largest steel import product, comprising 44% of all finished steel shipments.
The data also shows that China exported stainless steel, hot-rolled coils, galvanized plain sheets and corrugated sheets, plates, electrical sheets, tubes, and rods as part of its steel exports to India.
The Indian government stated in its report, “Low-priced import offers have dampened market sentiment in India,” highlighting the effect of cheap steel imports on the domestic market.
On Thursday, the CEO of India's Tata Steel (TISC.NS) expressed concern that continued steel imports from China in the long term could negatively impact domestic investment plans in India's steel industry.
The data shows that in addition to China, steel imports from South Korea, Japan, and Vietnam also increased from April to September.
During this period, South Korea exported 1.2 million tons of steel to India, up 11.5% year-over-year in steel import growth.
Japan exported 1.1 million tons of nickel alloys, more than doubling from the previous year in steel import numbers.
The data shows that Vietnam exported 400,000 tons of steel to India in the same period, more than doubling from the previous year in steel import volume.
India has launched an anti-dumping investigation on certain steel import products from Vietnam.
India's domestic production of finished steel reached 70.6 million tons during the same period, a 4.7% increase year-over-year.
From April to September, India's finished steel exports totaled 2.3 million tons, down 35.9% year-over-year as steel import competition affected exports.
Italy remained India's largest export market, though export volumes fell to 400,000 tons, down 43.5% from the same period last year.
India's steel exports to Belgium, Nepal, and Spain, which are also among India's top five steel destinations, have also slowed, in part due to rising steel imports in the Indian market.
Crude steel production from April to September was 72.8 million tons, a 3.6% year-over-year increase.
During this period, finished steel consumption in India reached 72.7 million tons, up 13.5% from the previous year, illustrating the high domestic demand for steel imports alongside production.
Do you want to know more about India's imports? Please check out the global import and export data provided by Tendata.
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