China cuts steel exports to India
During the first four months of the current fiscal the steel imports to India at 3.03MT is 8.2% higher compared to the level of last year. While Korea and Japan have together exported 1.5MT, nearly 50% of total imports at zero/near zero customs duty under RCEP agreement, China has exported 0.51MT of steel to India during the period, a 17% of total steel imports by India. It is interesting to note that imports from Korea and Japan in the current year is 24% more compared to last year while imports from China is down by 22%.
In totality India has turned into a net importer as exports at 2.47MT is 19% lower than imports. Secondly, UAE has emerged as the fourth source of imports of semi-finished (MS carbon and Alloy) and melting scrap. Last year India imported 8.4 MT of steel which was 5.4% higher than FY17. From China it imported 1.9 MT of steel, a 23% share of total steel imports to India.