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India became the net importer of steel for the first time in the past three years

India became the net importer of steel for the first time in the past three years
Issue Time:2019-04-23

In the just-concluded fiscal year 2018-19, dueto the loss of the original share of Indian steel products in the traditionalexport market, the import volume has surged due to the domestic demand forhigh-quality foreign steel, which makes the country the first time in the pastthree years. Promoted to a net importer of steel.

According to recent official preliminary data,India's exports of finished steel products reached 6.36 million tons in the2018-19 fiscal year ending March 2019, a year-on-year decrease of 34%. In thesame period, the import volume of finished steel products increased by 4.7% to7.84 million tons.

According to sources, high value-added steelproducts account for the majority of Indian steel imports, and mainly includeautomotive steel and high-end electrical steel. The Indian Steel Ministry urged local automakersto reduce imports of steel from Japan and South Korea to support domesticsteelmakers. However, the quality of locally produced steel is not satisfactoryto car manufacturers. At the same time, Indian steel companies are also callingon the government to impose higher tariffs on imported steel.

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