News Global Market India 992 22 December 2024
During the period, China increased the export of steel products to the country by 22.8% y/y
India increased rolled steel imports by 26.6% y/y – to 6.5 million tons in 8 months of the 2024/2025 fiscal year (April-November), according to preliminary government data. This is an eight-year high, NDTV reports.
China exported 1.96 million tons to the country in the period under review, up 22.8% year-on-year.
Imports of rolled steel from Japan to the Indian market reached at least a six-year high in April-November, more than doubling to 1.4 million tons. China, Japan and South Korea accounted for 79% of India’s total imports of steel products during this period.
Hot-rolled coils accounted for the largest share of imports in the period under review, while rods and bars were the most commonly supplied among non-planar products.
As a reminder, India is preparing to introduce a temporary safeguard duty on steel imports of up to 25% to limit the supply of cheap Chinese products. The purpose of the tax is to support domestic steelmakers who are suffering losses. The decision on the duty will be made after the completion of the investigation by the Directorate of Trade Remedies of India.
To ease the fears of small and medium-sized enterprises (MSMEs), major steel companies, including JSW Steel, Tata Steel and ArcelorMittal Nippon Steel India, have agreed to supply them with steel at reduced prices.
As GMK Center reported earlier, India became a net importer of rolled steel in FY2023/2024. Last year, the country imported 8.3 million tons of rolled steel (+38.1% y/y), while exports amounted to 7.5 million tons (+11.5% y/y). Steel consumption during this period increased by 13.4% y/y – to 136 million tons, reflecting strong demand for products.
