According to the Steel Import Monitoring System (SIMS) data under the Ministry of Steel, India’s steel imports increased by 26.5% between May and July 2024, reaching around USD 7.3 billion.
Imports of hot rolled coils increased by 62.5%. Around 52% of the imports during these three months consisted of products that were available domestically. The value of imports only in July reached 1.71 billion USD, up 29% compared to June.
While price competition was cited as the main factor behind the increase in imports, other factors such as customer requirements, availability of quantities and faster delivery times also contributed to this.
China, Norway, and Indonesia were the top exporters to India during this period. China's exports to India reached USD 979 million in the May-July period, while Norway's and Indonesia's exports to India amounted to USD 141 million and USD 208 million, respectively.
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