India's dependence on China for steel imports increased: highest imports in six years

Ahmedabad: India's dependence on China for steel imports is increasing. India's steel imports hit a six-year high in April-January due to increased shipments to China. According to government data, India's steel imports reached a six-year high in the first 10 months of the fiscal year due to increased shipments to China, and it was the importer of finished steel during the period.

India, the world's second largest producer of cad steel, has seen strong demand for steel due to strong demand from the domestic construction and automotive sectors. During this period, steel consumption in India increased by 14.5 percent to a six-year high of 112.5 million metric tons. This figure reflects strong demand for the alloy in the world's fastest growing economy.

India imported 6.7 million metric tonnes of finished steel between April and January, up 35 per cent from a year earlier, with economic growth expected to remain the highest in the next financial year as well. China was the top exporter of finished steel to India between April and January, shipping 2.18 million metric tonnes of the metal, up 80 percent from the same period a year ago and hitting a six-year high.

South Korea was the second largest exporter with exports of finished steel to India reaching a four-year high of 2.15 million metric tonnes during the period. China mainly exports hot-rolled and cold-rolled steel products, followed by galvanized plain and corrugated sheets, as well as plates and pipes.

India's finished steel exports were 5.5 million metric tonnes between April and January, up 3.6 percent year-on-year. Cud steel production stood at 119 million metric tons, which is 13.5 percent higher than a year ago.