India turns net importer of finished steel
What's the story
India has become a net importer of finished steel, as per provisional government data. In April, the country imported 0.7 million metric tons of finished steel, marking a 30.8% increase from last year. The top exporters to India during this period were China, South Korea, Japan, Vietnam and Russia.
Export and consumption
Surge in finished steel export and domestic consumption
India's finished steel export also witnessed a significant rise in April, with the country exporting 0.5 million tons of finished steel. This is a 24.9% increase from last year. Meanwhile, domestic consumption of finished steel surged to 13 million tons in April, an annual growth of 8.2%.
Production growth
Crude steel production in India rises
Along with the rise in finished steel import and export, crude steel production in India also witnessed an increase. In April, the country's crude steel output reached 13.8 million tons, marking a year-on-year growth of 3.9%. This data highlights India's growing demand for finished and crude steel amid changing trade dynamics.