Steel imports rose to a five-year high in the first nine months of the current financial year

Mumbai: India's steel imports rose to a five-year high in the first nine months of the current financial year. As steel imports increase, India is becoming a net importer of finished steel, preliminary government figures show. Due to increase in economic activity and infrastructural development, domestic and imported steel demand is witnessing a sharp rise in the country.

Unlike India, steel demand in Europe and America is slowing down. India has imported a total of 5.6 lakh tonnes of finished steel during the April-December period, which is 26.40 per cent more than the same period last year.

During this period, steel consumption in the country has also increased by 14.80 percent year-on-year to reach a six-year high of 10 crore tonnes, which indicates high demand for steel in India.

Demand for steel is expected to remain strong as the country's economic growth is expected to be higher than the global growth in the next financial year.

Indian steel mills have demanded the government to provide safeguards against rising imports. However, considering the increase in local demand, the government has avoided accepting this demand.

India's steel imports during the April-December period accounted for the largest share of imports from South Korea. 17.70 lakh tonnes were imported from South Korea.