India’s imports of finished steel from China registered a four-year high during the first seven months of the fiscal year that started in April, according to a Reuters report, citing government data.
The world’s biggest steel producer, China, was also the top exporter of the alloy to India during the April-October period. It exported 1.1 million metric tons of steel, or 47% more compared to the same period a year earlier.
Meanwhile, India’s total imports of finished steel stood at 3.5 million metric tons in the April-October period, or an increase of 10.1% from a year ago. Total imports were also the highest in four years.
During the same period, South Korea came in second in terms of finished steel exports to India, as it sold 1.1 million metric tons.
Yet, India still remained a net exporter of finished steel in the first seven months of the fiscal year, as it shipped 3.5 million metric tons to countries such as Italy, Spain, Belgium, the UAE and Nepal.
India exported hot-rolled coils and strips the most, the government data showed.
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