India's April-Nov steel imports from China at five-year high

In the initial eight months of the fiscal year starting in April, India transitioned into a net importer of finished steel, witnessing a surge in shipments from China to the highest level in five years, as per provisional government data reviewed by Reuters on Wednesday. China emerged as the leading exporter of finished steel to India from April to November, sending 1.3 million metric tons of the alloy, marking a 48.2% increase compared to the corresponding period the previous year. The world’s top steel producer exported mostly hot-rolled and cold-rolled coil or sheets to India, followed by plates, and pipes. The Indian steel industry has sought government intervention to safeguard against Chinese imports. During April-November, India imported a total of 4.3 million tons of finished steel, up 13.4% from a year earlier with shipments at a four-year high, data showed. South Korea was the second-biggest exporter of finished steel to India over the period, shipping 1.3 million metric tons. India is the world’s second-biggest crude steel producer with output standing at 94.1 million tons in the eight months, up 14.7% from a year earlier. Domestic consumption of finished steel was 87.1 million tons, up 14.9% at a five-year high. With inputs from agencies.