According to a report reviewed by Reuters, India, the world’s second-largest crude steel producer, imported 3.8 million tons of finished steel between April and October, marking a 34.1% decrease compared with the same period last year. The country maintained its position as a net importer during this period.
South Korea largest supplier to India
The data show that India imported the most finished steel from South Korea, totaling 1.4 million tons. South Korea was followed by China, Japan and Russia.
The government report noted that domestic steel prices declined due to pressure from weak demand and high supply. It also stated that trade volumes remained sluggish because of the ongoing festival season. Reuters reported last month that smaller steel producers in particular were struggling with weak demand and falling prices.
Double-digit growth in exports
During the same period, India’s finished steel exports rose 25.3% year-on-year to 3.5 million tons. Italy and Belgium were the largest markets for Indian steel, followed by Spain.
Between April and October, India’s finished steel production reached 91.6 million tons, while crude steel production totaled 95.7 million tons. Finished steel consumption also increased 7.4% year-on-year to 92.2 million tons.
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