India's imports of finished steel from China reach 7-year high
What's the story
India's finished steel imports from China have hit a seven-year high in the first nine months of the ongoing fiscal year, provisional government data showed.
Between April and December, China exported 2.1 million metric tons of finished steel to India, a whopping 13.3% increase over the same period last year.
The surge makes China India's top supplier of finished steel during the period.
Rising imports
South Korea and Japan also boost steel exports to India
South Korea and Japan have also witnessed a sharp increase in their steel exports to India.
South Korea's finished steel exports touched a five-year high at 2.1 million metric tons, up 7.2% year-on-year.
Japan's exports nearly doubled from the previous year to 1.6 million metric tons, its highest in at least seven years.
Surge
Overall finished steel imports hit 6-year high
India's total finished steel imports have hit a six-year high in the April-December period.
The country, the world's second-largest crude steel producer, turned a net importer of finished steel last fiscal.
The trend continued with shipments from China steadily rising.
India is now probing if it needs safeguard duties or temporary taxes to rein in these rising imports.
Products
Hot-rolled coils dominate imports
Hot-rolled coils/strips were the most imported product during the April-December period.
Further, imports of non-flat products witnessed a sharp 13.8% increase over last year, with bars and rods leading the category.
However, while imports are on the rise, India's finished steel exports witnessed a 24.6% decline to 3.6 million metric tons - its lowest in at least six years.
Markets
Italy remains largest market for India's finished steel exports
Despite the overall decline in exports, Italy continued to be the biggest market for India's finished steel products. However, shipments to Italy witnessed a sharp decline of 38.8% from last year's levels.
Exports to Spain, Belgium, and Nepal also registered a decline.
Meanwhile, exports to the United Kingdom witnessed a robust increase of nearly 20% YoY during this period.