China was the top exporter of
finished steel to India between April and November, shipping 1.3 million metric
tons of the alloy, up 48.2% from the same period a year earlier.
In the initial eight months of the
fiscal year starting in April, India transitioned into a net importer of
finished steel, witnessing a surge in shipments from China to the highest level
in five years, as per provisional government data reviewed by Reuters on Wednesday.
China
emerged as the leading exporter of finished steel to India from April to
November, sending 1.3 million metric tons of the alloy, marking a 48.2%
increase compared to the corresponding period the previous year.
The world’s
top steel producer exported mostly hot-rolled and cold-rolled coil or sheets to
India, followed by plates, and pipes.
Jindal Steel hopes
to resolve iron ore shortages in few weeks
The Indian
steel industry has sought government intervention to safeguard against Chinese
imports.
During
April-November, India imported a total of 4.3 million tons of finished steel,
up 13.4% from a year earlier with shipments at a four-year high, data showed.
South Korea
was the second-biggest exporter of finished steel to India over the period,
shipping 1.3 million metric tons.
India is
the world’s second-biggest crude steel producer with output standing at 94.1
million tons in the eight months, up 14.7% from a year earlier.
Domestic
consumption of finished steel was 87.1 million tons, up 14.9% at a five-year
high.
With inputs from agencies.