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India's steel imports in the second quarter increased year-on-year

India's steel imports in the second quarter increased year-on-year
Issue Time:2018-08-10

    Recently, according to the Indian "FinancialExpress" report, in the second quarter of this year, India imported360,000 tons of steel products from China, a 67% increase over the same periodlast year. In addition, India's imports of steel products from Japan, SouthKorea and other countries have also increased significantly.

    In March of this year, the US authorities added a 25% tariffon steel products imported from China, Japan, South Korea, and India. Affectedby this, some countries have turned steel exports to India.

    In the second quarter, India imported 374,000 tons of steelproducts from Japan, up 47% year-on-year; imported 746,000 tons of steelproducts from South Korea, up 35% year-on-year; the number of steel productsexported from China to China, Japan and South Korea increased by 45%year-on-year. . At the same time, the number of steel products exported to theUnited States by China, Japan and South Korea decreased by 17% year-on-year.

At present, while the United States implements tradesanctions, the EU has also decided to impose emergency restrictions on steelimports. As a result, steel products previously exported to Europe have alsobegun to flow to India. It is expected that India's steel trade will turn intoa deficit in the fiscal year 2018/2019 (from April 2018 to the end of March2019). Affected by this, India's domestic steel industry has a panic, resultingin a sharp decline in the stock prices of Indian steel companies in July.

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