- Wednesday, April 23, 2025
India’s northern neighbour emerged as its second-biggest steel exporter in the first two months of 2023 fiscal, selling 0.2 million metric tons, trailing only South Korea.
By: Shubham Ghosh
INDIA’S imports of finished steel from China in the first two months of the fiscal year starting in April touched a six-year high, as per provisional government data reviewed by Reuters. Overall imports also hit a three-year high.
India’s northern neighbour, with which it has a strained relationship on issues related to border and geostrategy, emerged as its second-biggest steel exporter in April and May, selling 0.2 million metric tons of the alloy, up 62 per cent from the same period a year ago.
The South Asian economy’s imports of finished steel in April and May reached 0.9 million metric tons, the highest since 2021, and a 27 per cent increase compared to the previous year, according to the data.
China, which is the world’s top steel producer, exported mostly cold- rolled coil or sheets to its southern neighbour.
According to the Reuters report, cold-rolled coil or sheets made up the bulk of India’s imports in April and May, accounting for 30 per cent share in overall import of finished steel.
The report cited analysts saying that China is set to export the most quantity of steel this year since 2016, as a weakening yuan and competitive prices help it offload surplus metal, thanks to low domestic demand.
In June, Vivek Johri, chairman of the Board of Indirect Taxes and Customs, said India’s steel ministry was contemplating imposing a countervailing duty on steel imports from China.
During April and May, South Korea was the biggest exporter of finished steel to India, shipping out 0.4 million metric tons and accounting for 38 per cent of the South Asian nation’s overall imports.
