India's steel imports from China hit record high, latest data shows
finished steel imports from China reached an all-time high during the first seven months of the current financial year from April, according to provisional government data reviewed by Reuters, rattling hundreds of small Indian steel producers.
China, the world's biggest steel producer, shipped 1.7 million metric tons of finished steel to India during April-October, a 35.4% increase year-on-year, the data showed.
This has exacerbated the deteriorating financial health of Indian steel producers struggling with cheap Chinese imports and falling domestic prices despite robust demand driven by rapid economic growth and rising infrastructure spending in the world's fastest growing major economy.
China, the world's biggest steel producer, mostly shipped stainless steel, hot-rolled coils, galvanised sheets, plates and electrical sheets, among other grades during the period, the data showed.
India's overall finished steel imports surged to a seven-year high of 5.7 million metric tons during the April-October period.
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