Finished Steel Imports from China Hit 7-Year High in India's Fiscal Year

India's imports of finished steel from China reached their highest levels in over seven years in the first nine months of the financial year starting in April, as indicated by preliminary government data. China, the leading steel producer globally, exported 2.1 million metric tons of finished steel to India from April to December, representing a 13.3% increase compared to the previous year, according to the data.

During that time, Beijing was the leading exporter of finished steel to India. Imports of finished steel into India during this period were made up of 79% from China, South Korea, and Japan. According to the data, South Korea's finished steel exports to India reached a five-year peak of 2.1 million metric tons from April to December, marking a 7.2% increase compared to the previous year.

Japan's exports of finished steel to India reached a minimum seven-year peak, nearly doubling from the previous year to 1.6 million metric tons, as per the data. India's total finished steel imports hit a six-year peak from April to December, as earlier noted by Reuters.

India, the globe's second-largest producer of crude steel, had become a net importer of finished steel in the last financial year. The trend has persisted, with exports from China consistently increasing. India is carrying out an investigation to assess the necessity of implementing a safeguard duty or a temporary tax to limit excessive steel imports.