Posted on 05 Aug 2015
The imports of
finished steel from China totaled 723,160 tonnes during the June
quarter. Korea was the second largest supplier with 302,560 tonnes,
followed by Japan with 584,980 tonnes. The other major exporters of
finished steel to India were Ukraine (95,340 tonnes), Germany (89,070
tonnes) and Indonesia (83,800 tonnes). The country’s annualized imports
for the entire fiscal through March 2016 is projected at 10.28 million
tonnes, significantly higher when compared with the actual imports of
9.32 million tonnes during the fiscal through March 2015.
The
imports of steel into India have surged despite several regulatory
measures. The country had hiked import duties on long and flat products
by 2.5% effective June this year. Also, anti-dumping duties were imposed
on hot rolled flat stainless steel imports from China, Malaysia and
South Korea. It must be noted that Chinese steel imports had constituted
nearly 40% of the Indian imports during the fiscal year through March
2015.
