look news india
India China Import News: While India is making continuous efforts to boycott Chinese goods and reduce imports from China, steel imports from China to India have reached the highest level in eight years.
China's steel consumption has declined due to the slowdown in the domestic property market, and due to exhausted supplies, China is selling its steel at cheaper prices in the global market. By FY2024, India is set to import 2.7 lakh tonnes of finished steel from China, the highest level in eight years. China's steel exports to India were 91 per cent higher by volume in the last financial year, according to Steel Ministry data.
China has overtaken India's two other suppliers, Japan and Korea. Korea's steel exports to India increased by 16 percent while those to Japan increased by 51 percent. In the last financial year, 26 lakh tonnes of finished steel was imported from Korea and 13 lakh tonnes from Japan.
Government sources said that in FY 2017, India imported 2.2 lakh tonnes of steel from China, which is the highest after the previous financial year.
Steel imports have seen a rise due to a real estate slowdown in China and pressure on India's steel mill capacity. India's steel demand increased by 13 percent in the last financial year.
Market sources said the increase in India's steel imports from China is becoming a matter of concern for domestic steel mills.