India's steel imports from China at five-year high

China was India's second largest steel exporter in the April-August period with sales of 0.8 million tonnes, up 69% from a year earlier.

China, the world's number one steel producer, exported mostly cold-rolled coil or sheet to India.

The steel industry is seeking government intervention through safeguard measures against Chinese imports, a senior executive said, adding that "immediate steps" were needed to restrict shipments.

Earlier this month, India's steel minister Nagendra Nath Sinha said New Delhi was monitoring the steel import situation after concerns grew over possible dumping by Chinese sellers.

South Korea is the largest exporter to India

In the April-August period, India imported 2.5 million tonnes of finished steel, its highest figure since 2020 and up 22.4% from a year earlier.

South Korea was the top exporter to India, with shipments of 0.8 million tonnes.

However, the data showed that India remained a net exporter of finished products with 3.1 million tonnes sold to buyers such as Italy, Spain, Belgium, Nepal and the UAE in the April-August period. Hot-rolled coils and strips were the most exported products, the data showed. India's crude steel production reached 58.2 million tonnes, up 13.6% from the same period last year. The country is the world's second largest crude steel producer.

Domestic processed steel consumption was 52.8 million tonnes, up 14% y-o-y. Monsoon rains have led to a significant decrease in steel prices in the past few months due to reduced demand during the rainy season, the government report said.