Record Surge in Steel Imports from China, South Korea, and Japan into India During April-January
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India’s imports of finished steel from China, South Korea, and Japan reached an all-time high during the first 10 months of the current financial year (April-January), according to provisional government data reviewed by Reuters on Tuesday. As the world’s second-largest producer of crude steel, India saw unprecedented inbound shipments of finished steel during this period, solidifying its status as a net importer, a trend Reuters had previously highlighted.
South Korea emerged as the leading exporter of finished steel to India, shipping 2.4 million metric tons—a 11.7% increase from the same period last year. Close behind, China exported 2.3 million metric tons, marking a 3.4% year-on-year rise. Japan saw the most dramatic surge, with shipments jumping 88.6% to 1.8 million metric tons. Together, these three nations accounted for 78% of India’s total finished steel imports during the April-January window of the fiscal year, which spans April to March.
Imports from Indonesia also spiked, rising nearly threefold to 0.3 million metric tons compared to the previous year. Among the steel grades, hot-rolled coils and strips dominated the import mix, while bars and rods topped the non-flat steel product category, the data revealed.
The influx of foreign steel has prompted action from Indian authorities. In December, the government initiated a probe to assess the need for a safeguard duty—a temporary tax—to curb the soaring imports. Last month, Steel Minister H.D. Kumaraswamy told Reuters that a safeguard duty ranging from 15% to 25% could be imposed to protect domestic producers.
Meanwhile, India’s finished steel exports plummeted to their lowest level in at least seven years during the same period. Exports to Italy, the top destination, dropped by nearly half, while shipments to Belgium, Nepal, and Spain also declined significantly, according to the data.
The record import levels underscore the challenges facing India’s steel industry as it grapples with balancing domestic production and global trade dynamics.
India’s imports of finished steel from China, South Korea, and Japan reached an all-time high during the first 10 months of the current financial year (April-January), according to provisional government data reviewed by Reuters on Tuesday. As the world’s second-largest producer of crude steel, India saw unprecedented inbound shipments of finished steel during this period, solidifying its status as a net importer, a trend Reuters had previously highlighted.
South Korea emerged as the leading exporter of finished steel to India, shipping 2.4 million metric tons—a 11.7% increase from the same period last year. Close behind, China exported 2.3 million metric tons, marking a 3.4% year-on-year rise. Japan saw the most dramatic surge, with shipments jumping 88.6% to 1.8 million metric tons. Together, these three nations accounted for 78% of India’s total finished steel imports during the April-January window of the fiscal year, which spans April to March.
Imports from Indonesia also spiked, rising nearly threefold to 0.3 million metric tons compared to the previous year. Among the steel grades, hot-rolled coils and strips dominated the import mix, while bars and rods topped the non-flat steel product category, the data revealed.
The influx of foreign steel has prompted action from Indian authorities. In December, the government initiated a probe to assess the need for a safeguard duty—a temporary tax—to curb the soaring imports. Last month, Steel Minister H.D. Kumaraswamy told Reuters that a safeguard duty ranging from 15% to 25% could be imposed to protect domestic producers.
Meanwhile, India’s finished steel exports plummeted to their lowest level in at least seven years during the same period. Exports to Italy, the top destination, dropped by nearly half, while shipments to Belgium, Nepal, and Spain also declined significantly, according to the data.
The record import levels underscore the challenges facing India’s steel industry as it grapples with balancing domestic production and global trade dynamics.
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