look news india
Ahmedabad: India's finished steel imports from China rose 31.7 per cent year-on-year to 1.1 million tonnes in the first five months of FY2024-25, hitting a seven-year high. Not just China, India's total finished steel imports also hit a six-year high of 3.7 million metric tonnes in the April-August period this year. India, the world's second-largest crude steel producer, is increasingly using steel due to strong demand from the infrastructure and automotive sectors.
China was the top exporter to India, mainly in shipments of stainless steel, hot-rolled coil steel, galvanised sheets and plates, followed by South Korea and Japan. India's finished steel imports from Russia, the fifth-largest exporter, also doubled year-on-year to a six-year high of 54,000 tonnes during the April-August period, according to the data.
India's steel ministry said in a report that domestic steel prices declined in August. Domestic demand also remained strong in April-August and finished steel consumption rose 13.8 percent year-on-year to a seven-year high of 60.3 million metric tons. However, overseas demand for India remained weak and finished steel exports fell nearly 40 percent year-on-year to a seven-year low of 1.9 million tons.
Italy imported the most from India at around 360,000 tonnes, down 48.3 per cent year-on-year. India's crude steel production during the period was 60.9 million tonnes, up 4.2 per cent from a year earlier.
Indian steel companies are facing challenges amid rising cheap imports, limited export opportunities, seasonal weakness in demand and unfair dumping from surplus producing countries like China. The steel ministry is discussing various trade measures against imports – duty hikes, bans, etc. in response to complaints from Indian companies.
In flat steel, benchmark hot-rolled coil prices fell by Rs. 1,000 to around Rs. 47,000 to Rs. 51,000. In long steel, blast furnace-rebar prices in August were at a three-year low of Rs. 49,500.
According to analysts, India is an attractive destination with a growth rate of 13-14 percent amid weak global demand, but it has become a dumping site for countries with surplus production. Our imports have grown rapidly, but exports have also declined significantly due to restrictions in various countries. Imports of finished steel from April to August grew 24 percent year-on-year, while exports fell by 40 percent.