India’s April-January finished steel imports from South Korea, China, Japan hit record high

NEW DELHI: India’s finished steel imports from China, South Korea and Japan hit a record high in the first 10 months of the financial year, according to provisional government data seen by Reuters on Tuesday.

India, the world’s second-biggest crude steel producer, shipped in record quantities of finished steel during April-January, and was a net importer, Reuters had reported earlier.

Imports of finished steel from South Korea stood at 2.4 million metric tons, up 11.7% on year, the data showed.

South Korea was the biggest exporter of the alloy to India during the period.

Finished steel shipments from China stood at 2.3 million metric tons during April-January, up 3.4% on year.

Finished steel imports from Japan stood at 1.8 million metric tons, up 88.6% on year, the data showed.

Imports from China, South Korea and Japan accounted for 78% of India’s overall finished steel imports. India’s fiscal year runs April through March.

Imports from Indonesia stood at 0.3 million metric tons, up nearly three times from a year ago period.

Hot-rolled coil or strips were the most imported grades, the data showed, while bars and rods led shipments in the non-flat steel products category.

In December, India launched an investigation to determine whether it needed to impose a safeguard duty or a temporary tax to rein in unbridled imports of steel.

Trump raises tariffs on aluminum, steel imports in latest trade war salvo

Last month, India’s Steel Minister H.D. Kumaraswamy told Reuters the government could impose a safeguard duty of 15% to 25% on steel imports.

Meanwhile, exports of finished steel slumped to an at least seven-year low during April to January.

Finished steel exports to Italy, the biggest export destination, nearly halved during the period.

Exports to Belgium, Nepal and Spain also fell during April-January, the data showed.