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India's finished steel imports experienced a significant decline of 27.6% in April-May, primarily due to reduced shipments from China and Japan. This decrease occurred following India's imposition of a 12% temporary tariff on some steel imports. Despite the overall import decrease, South Korea emerged as the top exporter to India, while the country remained a net importer of finished steel. View More

India 's finished steel imports fell 27.6% in the first two months of the financial year that started in April, as shipments from China and Japan declined, provisional government data reviewed by Reuters showed on Tuesday. India, the world's second-biggest crude steel producer, imported 0.9 million metric tons of finished steel during April-May, the data showed, with shipments from China dropping 47.7% and from Japan falling 65.6% from a year ago. China exported 0.2 million metric tons of finished steel to India during the two months, while Japan shipped 0.1 million metric tons during the period, the data showed. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. South Korea was the top finished steel exporter to India during April-May, with shipments rising 8.2% to 0.4 million metric tons, the data showed. Live Events Imports from China, Japan and South Korea accounted for 74.4% of India's overall finished steel imports and hot-rolled coils or strips were India's biggest imports, the data showed. India was a net importer of finished steel during the period, with exports falling 18.1% year-on-year to 0.8 million metric tons, the data showed. Galvanised plain or corrugated sheets or coils were India's biggest exports during the period. Belgium was India's biggest export market, with shipments rising 12.4% to 0.15 million metric tons, the data showed. Shipments to Italy slumped 53.7%, while those to Nepal and Spain went up, the data showed. During April-May, India's finished steel consumption reached 25.1 million metric tons, up 7.1% from a year earlier. Crude steel production rose 9.5% to 26.9 million metric tons, the data showed. (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)