India is closely monitoring steel imports, particularly from China, as shipments from the latter reached a five-year high in the first four months of the fiscal year that commenced in April.
Between April and July, China emerged as the second-largest steel exporter to India, following South Korea, with sales totalling 0.6 million metric tons. This figure represented a substantial increase of 62% compared to the same period in the previous year.
The surge in steel imports from China has raised concerns within India’s domestic steel industry regarding potential dumping by Chinese suppliers. Nagendra Nath Sinha, the steel secretary, confirmed that they are actively monitoring the import situation and have briefed the commerce ministry on the matter.
Additionally, a senior official from the ministry noted that some exporters have redirected their surplus steel to the domestic market due to subdued demand abroad. This influx of steel has contributed to a decline in domestic steel prices.
India ranks as the world’s second-largest producer of crude steel and, during the April-July period, exported 2.6 million metric tons of steel, representing a marginal 0.3% decrease compared to the previous year. However, India maintained a position as a net exporter of finished steel products.
