By Neha Arora
NEW DELHI (Reuters) – India’s imports of steel over the period from April to September were led by shipments from China, according to provisional government data reviewed by Reuters on Friday, and the South Asian nation remained a net importer of the alloy.
The world’s second-biggest producer of crude steel imported 4.7 million metric tons of the finished metal from April to September, up 42.2% from a year ago, the data showed.
China exported 1.4 million metric tons of steel to India during the period, up 36.7% from a year ago.
Hot-rolled coil was India’s biggest import, making up 44% of overall finished steel shipments, the data showed.
China exported stainless steel, hot-rolled coils, galvanised plain and corrugated sheets, plates, electrical sheets, pipes and bars and rods, the data showed.
“Cheap import offers kept market sentiment bearish in India,” the government said in its report.
On Thursday, India’s Tata Steel CEO said prolonged imports from China could hurt the investment plans of the domestic steel industry.
Apart from China, imports during April-September increased from South Korea, Japan and Vietnam, the data showed.
South Korea exported 1.2 million metric tons of steel to India during the period, up 11.5% on the year, the data showed.
Japan exported 1.1 million metric tons of the alloy, more than double from the year-ago period.
Vietnam exported 0.4 million metric tons of steel during the period, more than double from a year ago, the data showed.
India has launched an anti-dumping investigation on certain steel imports from Vietnam.
Domestically, India’s finished steel production stood at 70.6 million metric tons during the period, up 4.7% from a year ago.
Finished steel exports during April-September stood at 2.3 million metric tons, down 35.9% from a year ago.
Italy was India’s biggest export market, but shipments slowed to 0.4 million metric tons, down 43.5% from a year ago.
Exports also slowed to Belgium, Nepal and Spain, which are among the top five biggest destinations for Indian steel.
Crude steel production during April to September stood at 72.8 million metric tons, up 3.6% from a year ago.
Consumption of finished steel was at 72.7 million metric tons during the period, up 13.5% on the year.
(Reporting by Neha Arora; Editing by Clarence Fernandez)
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