Reuters: India's steel imports plunge! China and Japan's exports to India nearly halved
Reuters, New Delhi, July 1 report, official data shows that in the first two months of the 2025 fiscal year (April-May), finished steel imports fell by 27.6% year-on-year to 900,000 tons, mainly due to a sharp drop in shipments from China and Japan, two major suppliers. China's exports to India dropped sharply by 47.7% to 200,000 tons, while Japan's supply plummeted by 65.6% to just over 100,000 tons. Industry analysts pointed out that the policy of imposing a 12% temporary tariff on certain imported steel in April has already taken effect, successfully curbing the influx of low-cost steel.
Notably, South Korea overtook China and Japan to become India's largest steel supplier, with exports increasing by 8.2% to 400,000 tons during the same period. The three countries accounted for 74.4% of India's total steel imports, with hot-rolled coils being the main import category.
"Tariff barriers have directly reshaped trade flows," said a senior steel trader to Reuters, "after the decline of Chinese low-cost sources, Indian domestic steel mills have gained breathing space." Data shows that India's finished steel exports fell by 18.1% to 800,000 tons during the same period, but exports to Belgium increased by 12.4% to 150,000 tons.
In April-May, India's domestic finished steel consumption rose by 7.1% to 25.1 million tons, and crude steel production surged by 9.5% to 26.9 million tons, highlighting its internal driving force as the world's second-largest crude steel producer.
Original article: https://www.toutiao.com/article/1836439813203211/
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