India has emerged as a net importer of finished steel during the first eight months of the fiscal year (April 2023-March 2024), with a notable spike in shipments from China, Reuters reported, citing provisional government data on December 27.

China exported 1.3 million tonnes of steel during April-November, soaring 48.2% year on year and notching the highest in five years, with main products comprising hot-rolled and cold-rolled coil or sheets, plates and pipes, data showed.

During the same period, India saw its total steel imports reach 4.3 million tonnes, a 13.4% growth from the previous year and hitting a four-year high.

South Korea was the second-largest exporter of finished steel to India, shipping 1.3 million tonnes during the same period.

India's finished steel consumption also witnessed a substantial rise, standing at 87.1 million tonnes, marking a 14.9% year-on-year increase and reaching a five-year high.

As the world's second-largest crude steel producer, India churned out 94.1 million tonnes of the product in same period, rising 14.7% year on year.

(Writing by Emma Yang  Editing by Harry Huo)
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