Finished steel imports reach five-year high

Mumbai: India's finished steel imports rose to a five-year high in the first two months of the current financial year. Steel imports have increased due to high domestic demand. China is becoming the largest exporter of steel to India.

India, the second largest producer of crude steel, is witnessing strong demand for steel. There is currently a huge demand for steel in the construction and automobile sectors in India.

According to government data, India's finished steel imports have increased by 19.80 percent to 11 lakh tonnes in these two months of the current year as compared to April-May last year. This figure is at a five-year high.

Steel industry sources also said that in view of the rise in steel imports, the country's steel mills have repeatedly requested the government to intervene and take safety measures.