India steel exports grow by a third between April-December, govt data shows
- The levy, locally known as a safeguard duty, will be imposed at 12% followed by 11.5% in the second year and 11% in the third year
NEW DELHI: India was a net exporter of finished steel in the first nine months of the financial year, with shipments reaching 4.8 million metric tons, up 33.3% from a year ago, according to provisional government data reviewed by Reuters on Monday.
The data showed that the world’s second-biggest crude steel producer imported 4.65 million metric tons of finished steel in the same period.
Country-wise data on India’s steel exports is expected later in the month.
In December, the government imposed an import tariff on some steel products to curb cheaper shipments, primarily from China.
The levy, locally known as a safeguard duty, will be imposed at 12% followed by 11.5% in the second year and 11% in the third year.
India produced 117.6 million metric tons of finished steel between April-December, while consumption stood at 119.3 million metric tons, the data showed.
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Crude steel production during the period stood at 123.9 million metric tons, according to the data.
In January, leading Indian steelmakers raised prices of hot-rolled coils and cold-rolled coils by up to 2,000 rupees ($22.19) per metric ton, according to commodities consultancy BigMint.
Prices of hot-rolled coil ranged between 50,250 rupees per metric ton to 51,250 rupees per metric ton, the consultancy said.
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