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Date: 21/11/2024

Steel imports surge in April.-Oct.

India’s finished steel imports during April-October surged to a seven-year high at 5.7 million metric tonnes, according to provisional government data. India, the world’s second-biggest crude steel producer, had turned into a net importer during 2023-24 and the trend has continued during April-October, the data showed. During April-September, China was the lead exporter of finished steel to India and this is widely expected to be the case during April-October. The Steel Ministry favours a safeguard duty or a temporary tax to curb rising steel imports. India’s finished steel exports during April-October slumped to their lowest in seven years at 2.8 million metric tonnes, the data showed. The country’s finished steel production was at 82.7 million metric tonnes, up 4.4% on year, as per the data. Crude steel production was 84.9 million metric tonnes, up 3% on year, said a report.
 
source: Exim News Service: New Delhi, Nov. 20



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