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India's Steel Imports Plunge 29% as China, Japan Shipments Decline
29 Jul
Summary
- India's finished steel imports drop 28.8% in April-June 2022
- Shipments from China fall 45.8%, Japan decline 65.2%
- India remains a net importer, with exports easing 5.1%
In the first three months of the 2022-23 financial year, which began in April, India's finished steel imports dropped by a significant 28.8% compared to the same period a year earlier. This decline was primarily driven by a persistent fall in shipments from China and Japan, two major steel exporters to India.
China's steel exports to India fell by 45.8% during the April-June quarter, while Japan's shipments declined by an even steeper 65.2%. As a result, China shipped just 0.3 million tons of finished steel to India, while Japan exported 0.2 million tons.
Despite the drop in imports, India remained a net importer of steel, with exports easing by 5.1% during the period. Domestically, crude steel production rose by 11.2% to 40.6 million tons, and finished steel consumption grew by 7.9% to 38.3 million tons.
The Indian government had imposed a 12% temporary tariff, known as a safeguard duty, on some steel imports in April to curb a surge in cheap shipments, primarily from China. This move appears to have had an impact, contributing to the decline in steel imports.
South Korea remained the biggest exporter of finished steel to India, though its shipments also fell by 6.5% to 0.5 million tons. On the export front, Belgium emerged as the top destination for India's finished steel, with shipments rising by 40.8%.
