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India becomes net steel importer in 2018-19 - Media Reports

Steel News - Published on Mon, 15 Apr 2019

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Preliminary government data given to Reuters showed that India was a net importer of steel during the 2018-19 FY, the first time in three years. India's finished steel exports fell by 34% to 6.36 million tonnes while finished steel imports rose 4.7% to 7.84 million tonnes. While media reports quoted government officials as saying that "India's exports during the fiscal year declined after rival steelmakers in China, Japan, South Korea and Indonesia, blocked from markets in the United States and Europe by tariffs and other protectionist measures, ate away at the country's markets in the Middle East and Africa. Imports from the four Asian countries also climbed as they diverted supply into India", Indian steel mills actually restricted exports due to better realization in the domestic market.

India's steel imports increased by 1.9% to 7.29 million tonnes in April-February, the first 11 months of the current fiscal year, while exports fell by 35.3% to 5.77 million tonnes.

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Posted By : Sanju Moirangthem on Mon, 15 Apr 2019
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