9,672.75 TRY BIST 100 BIST 100
4.86 CNY CNY CNY
35.28 USD USD USD
36.73 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
43.44 TRY Interest Interest
73.58 USD Fossil Oil Fossil Oil
29.72 USD Silver Silver
4.10 USD Copper Copper
101.01 USD Iron Ore Iron Ore
355.00 USD Shipbreaking Scrap Shipbreaking Scrap
2,616.87 TRY Gold (gr) Gold (gr)

India's finished steel imports hit six-year high in April-August

India's finished steel imports reached a six-year high of 3.7 million tons in April-August.

India's finished steel imports hit six-year high in April-August

India's finished steel imports from China reached their highest level in seven years during the first five months of the 2024-25 fiscal year, with overall finished steel imports also hitting a six-year high at 3.7 million tons in the April-August period. The country remained a net importer during this time.

Driven by strong demand from the infrastructure and automotive sectors, India, the world's second-largest crude steel producer, has been consuming steel at an accelerated pace. During the April-August period, India imported 1.1 million tons of finished steel from China, marking a 31.7% year-on-year increase.

China emerged as the top exporter of finished steel to India, followed by South Korea and Japan. These countries primarily shipped stainless steel, hot-rolled coil steel, galvanized sheets, and plates.

In response to rising imports, particularly from China, India's steel ministry is considering implementing trade measures to protect local steel mills. During the same period, India's finished steel imports from Russia also surged to a six-year high, with shipments more than doubling to 54,000 tons, making Russia the fifth-largest exporter of finished steel to India.

Despite robust domestic demand, which pushed finished steel consumption to a seven-year high of 60.3 million metric tons (a 13.8% increase from the previous year), domestic steel prices fell in August. The steel ministry attributed this decline to challenges in the market, including a supply-demand imbalance and reduced offers.

Meanwhile, overseas markets remained weak, as India's finished steel exports dropped to a seven-year low. The country exported 1.9 million tons of finished steel during the April-August period, a 39.6% decrease from the previous year.

Italy, India's largest export destination, imported around 360,000 tons of finished steel, down 48.3% from the previous year. In contrast, India's crude steel production reached 60.9 million tons during the period, reflecting a 4.2% increase from the previous year.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Indian Steel Ministry proposes to increase customs duty

Thursday, December 26, 2024

ArcelorMittal Kryvyi Rih will end 2024 with a loss due to tariffs and logistics

Thursday, December 26, 2024

East Pipes signs two contracts worth 57 million riyals in Saudi Arabia

Thursday, December 26, 2024

Indonesia plans to restrict nickel production

Thursday, December 26, 2024

China iron ore prices on the rise

Thursday, December 26, 2024
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now