India's Steel Imports Up 26% Amid Rising Chinese Shipments

ENA Sectors 2024-12-20 17:49:38 New Delhi, 20 Dec (KNN) India's steel sector is witnessing unprecedented levels of Chinese imports, with finished steel shipments from China reaching historic highs in the first eight months of fiscal year 2024-25, according to provisional government data. The surge has intensified concerns among domestic steel manufacturers about the impact of cheaper Chinese steel flooding the market. The world's second-largest crude steel producer has become a net importer during this period, with total finished steel imports climbing to an eight-year peak. Overall imports reached 6.5 million metric tonnes, marking a 26.6 per cent increase from the previous year. Chinese shipments alone accounted for 1.96 million metric tonnes, up 22.8 per cent year-on-year, while Japanese imports more than doubled to 1.4 million metric tonnes, hitting a six-year high. The import landscape shows significant concentration, with China, Japan, and South Korea collectively representing 79 per cent of India's total finished steel imports. Hot-rolled coils emerged as the dominant import in the flat product category, while bars and rods led the non-flat product imports. In response to these developments, the Indian government has initiated an investigation to assess the potential implementation of a safeguard duty of up to 25 per cent to regulate steel imports. The influx of cheaper Chinese steel has begun to impact India's smaller steel mills, forcing some to reduce operations and consider workforce reductions. This situation has prompted India to join other nations in exploring protective measures. Despite these challenges, India's steel demand remains robust, supported by strong economic growth and continued infrastructure development. However, the country's finished steel exports have fallen to an eight-year low during April-November, though exports to some European markets like Britain and Belgium showed modest increases of 16 per cent and 6.9 per cent respectively, even as shipments to Italy, India's largest export market, declined by 31.8 per cent. (KNN Bureau) 40339 https://knnindia.co.in/news/newsdetails/sectors/indias-steel-imports-up-26-amid-rising-chinese-shipments 2024-12-20 17:49:38 knnindia.co.in India's Steel Imports Up 26% Amid Rising Chinese Shipments