India's finished steel imports fall 11.3% in April as China, Japan shipments slow
NEW DELHI: India's finished steel imports fell 11.3% year on year in April to 0.5 million metric tons following a decline in shipments from China and Japan, according to provisional government data reviewed by Reuters on Thursday.
India, the world's second-biggest crude steel producer, had in April imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China.
Finished steel shipments from China fell to 0.1 million metric tons in April, down 26.5% from a year ago.
Imports from Japan dropped to around 85,600 metric tons, down 60% from a year ago, the data showed.
"China has definitely gone down as far as imports are concerned," said Nitin Kabra, director sales and marketing, Bhagyalaxmi Rolling Mill Pvt Ltd, a Maharashtra-based producer.
China's crude steel output in April slid 7% from March, defying analysts' expectations for a rise against the backdrop of healthy profits and robust exports, but production was still reasonably high.
In April, South Korea was the biggest exporter of finished steel to India, with imports reaching 0.15 million metric tons, up 2.4% on year, the data showed.
India's prices of hot-rolled coil "edged higher" in April, triggered by the imposition of the temporary tariff, the government report said.
Meanwhile, finished steel imports from France and Germany showed a sudden spike in April, the data showed.
Finished steel imports from Germany rose more than five times to 30,600 metric tons, while those from France jumped 10 times to 30,300 metric tons.
India imported mostly plates from France and Germany, the data showed.
Plates are primarily used in construction, heavy machinery manufacturing and transportation.
New Delhi remained a net importer of steel during April.
Finished steel exports in April fell to 0.4 million metric tons, down 25.7% from a year ago, the data showed.
Europe is a big destination for Indian steel, but shipments to Belgium dropped 6% on year in April, while finished steel exports to Italy fell 60.4%, the data showed.
India's finished steel production reached 12.4 million metric tons in April, while crude steel output was at 12.9 million metric tons.
(Reporting by Neha Arora. Editing by Jane Merriman)
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