India was a net exporter of finished steel during the first nine months of the financial year, with shipments rising 33.3% year-on-year to 4.8 million metric tonnes, according to a report. During the same period, the world’s second-largest crude steel producer imported 4.65 million metric tonnes of finished steel. Country-wise data on India’s steel exports is expected later this month. In December, the government imposed import tariffs on certain steel products to curb the influx of cheaper shipments, mainly from China.
The levy, locally referred to as a safeguard duty, will be imposed at 12% in the first year, tapering to 11.5% in the second year and 11% in the third year. During April–December, India produced 117.6 million metric tonnes of finished steel, while consumption reached 119.3 million metric tonnes, according to the data.
According to the report, crude steel production during the period reached 123.9 million metric tonnes. It also noted that in January, leading Indian steelmakers increased prices of hot-rolled and cold-rolled coils by up to ₹2,000 ($22.19) per metric tonne. The report noted that prices of hot-rolled coil ranged from ₹50,250 to ₹51,250 per metric tonne.
