Chinas steel is widespread around the world. Indias imports of finished steel from China reached a seven-year high from April to August this year.
Washington -
According to preliminary data from the Indian government, India's finished steel imports from China reached a seven-year high in seven years in the first five months of the 2024/2025 fiscal year, that is, from April to August this year.
After consulting these data, Reuters reported on Monday (September 23) that India's total imports of finished steel from April to August this year also reached 3.7 million tons, a new high in six years. India is also a net importer of finished steel.
India is the world's second largest producer of crude steel, but due to the strong demand for infrastructure construction and the automobile industry, India has a greater demand for steel.
According to data from the Indian government, India imported 110 tons of finished steel from China between April and August, a year-on-year increase of 31.7%.
During this period, China became the largest supplier of finished steel in India, followed by South Korea and Japan, which mainly exported stainless steel, hot-rolled coils, galvanized steel sheets and steel plates to India.
After receiving complaints from domestic steel mills, the Federal Ministry of Steel of India is currently discussing various trade measures for imported steel.
After a study of Indian government data, Reuters found that India's imports of finished steel from Russia from April to August this year also reached a six-year high.
During this period, Russia exported a total of 54,000 tons of finished steel to India, more than double that of a year ago, and it was the fifth largest supplier of finished steel to India in five months.
The Federal Ministry of Steel of India pointed out in a report that steel prices in India have declined.
"In the month under review, the price of domestic steel bars in India fell, reflecting the ongoing challenges in the market, including the disorder of supply and demand and reduced purchases," Reuters quoted the report.
However, from April to August this year, India's domestic demand for steel suddenly soared, and the demand for finished steel reached 60.3 million metric tons, the highest in seven years, up 13.8% year-on-year.
At the same time, the overseas steel market weakened, and India's finished steel exports fell to a seven-year low in the same period.
According to the data, India's total export of finished steel from April to August this year was about 1.9 million tons, down 39.6% year-on-year.
Italy is the main destination for India's finished steel exports. Italy imported 360,000 tons of finished steel from India during the same period this year, plummeting 48.3% year-on-year.
According to data from the Indian government, India produced a total of 60.9 million tons of crude steel from April to August this year, a slight increase of 4.2% year-on-year.
China is the world's largest steel producer. In recent years, due to the weakness of China's economy, the real estate industry is no longer prosperous, and the local government's debt is high. Therefore, steel products that cannot be used and swallowed in China have been dumped into the global market, causing strong dissatisfaction from the United States and Europe.
The Financial Times reported on Monday that due to the flood of China's steel exports, the price of European steel market is lower than the cost of production, so European steel producers and industry associations are already calling on the European Commission to take measures to solve this difficult problem.
The European Iron and Steel Industry Association called on the European Union to adopt a comprehensive new tariff system to resolve market distortions caused by global steel oversupply, while protecting local European steel companies affected by sluggish demand and high energy costs.
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