Steel imports dip

 

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, according to provisional government data. India, the world’s second-biggest crude steel producer, imported 0.9 million tonnes 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 tonnes of finished steel to India during the two months, while Japan shipped 0.1 million tonnes during the period. 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 tonnes, as per a report.

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