India becomes net steel exporter in April to December period

According to provisional government data reviewed by Reuters, finished steel exports increased by 33.3 percent year on year to 4.8 million metric tons, while imports were recorded at 4.65 million metric tons over the same period.

The data showed that India, the world’s second largest crude steel producer, produced 117.6 million metric tons of finished steel between April and December, while consumption stood at 119.3 million metric tons. Crude steel production reached 123.9 million metric tons during the same period.

In December, the Indian government introduced import duties on certain steel products, mainly to curb low priced shipments from China. The measure, locally known as a safeguard duty, will be applied at 12 percent in the first year, 11.5 percent in the second year, and 11 percent in the third year.