Commodity News
HeadLine : Steels deals with China on a five-year high in April, according to provisional government data
Date : Jun 5 2023
India’s finished steel purchases from China touched a five-year high in April, and the country’s overall imports of the alloy reached a four-year high, according to provisional government data reviewed by Reuters. In April, China emerged as the second-biggest steel exporter to India by shipping out 0.1 million tonnes, up 79 per cent year-on-year. Imports from China accounted for nearly a quarter of India’s overall finished steel imports in April. India imported 0.5 million tonnes of finished steel in April — the highest since 2019 — up 38.2 per cent from a year earlier, the data showed. China, the world’s largest steel producer, exported mostly cold-rolled sheets — used in the automobile, white goods and consumer durable sectors. India also imported electrical sheets and pipes from China, the data showed. In April, South Korea was the top exporter of finished steel by shipping out 0.2 million tonnes and accounting for 32 per cent of India’s overall imports. However, India, the world’s second-biggest crude steel producer, was a net exporter of finished steel in April, with 0.9 million tonnes sold to top buyers such as Italy, Spain, Vietnam, Nepal and the UAE.

Source: Telgraph India
News Archives: