India continued to be a net finished steel importer for the fifth consecutive month in August, with imports reaching 721,000 tonnes.
Reader brief
Through the Reader lens: India imported 721,000 tonnes of finished steel in August, marking its fifth consecutive month as a net importer. Domestic steel manufacturers are increasingly importing cheaper critical-grade steel from countries like China and South Korea, which they use to add value and re-export. Although exports grew by over 31% year-on-year to 694,000 tonnes, they were not enough to offset the persistent flow of overseas shipments.
What to watch next
- Whether the ongoing price advantage of cheaper imports will keep India as a net steel importer in the coming months.
- The effect of infrastructural investments in West Asia on future Indian steel pipe export orders.
What was said1
Attributed, verbatim. Every quote is checked against the article it came from. One that does not match is not shown.
Dhruv Goel
1 quote“Imports have increased compared with last year, but there is no significant or abnormal change in the volumes.”
In the article
…win more orders for steel pipes. Mint reported on 22 June that domestic manufacturers continue to rely on imports from China, Japan and South Korea for certain critical-grade steel used in oil and gas pipelines. “ Imports have increased compared with last year, but there is no significant or abnormal change in the volumes. A large part of the imports is hot-rolled coil, and the biggest application for hot-rolled coil is pipes. There are also some machinery and engineering-related applications, but those volumes are relatively smaller,”…