India has become a steel portal channel importing country in the world
In the just ended fiscal year of 2018-19, India's steel products lost their original share in the traditional export market, but its import volume surged due to the expansion of domestic demand for high-quality foreign steel, which made the country become a net importer of steel in the past three years.
According to the official preliminary data recently obtained, India's export volume of finished steel products in the 2018-19 fiscal year ending March 2019 was 6.36 million tons, a year-on-year decrease of 34%. In the same period, the import volume of finished steel products increased by 4.7% to 7.84 million tons.
According to an Indian government official familiar with the matter, due to the implementation of high steel and aluminum tariffs and protectionist measures in Europe and the United States last year, traditional steel exporting countries such as China, Japan, South Korea and Indonesia had to find new ways in other export markets outside Europe and the United States. As a result, India's market share of steel exports in the Middle East and Africa was eroded, India's steel exports fell as a result.
According to the report, India's imports of steel from the above four Asian countries have naturally increased as some of their steel export resources have been diverted to India.
According to a source, high value-added steel products account for the majority of India's steel imports, mainly including automobile steel and electrical steel.
According to a source, the high value-added automobile steel flowing into India is mainly imported by Posco and other foreign steel enterprises investing in India. The source declined to identify himself because he was not authorized to disclose information to the media.
India's Steel Ministry has urged local automakers to reduce steel imports from Japan and South Korea to support domestic steelmakers. However, the quality of steel produced locally is not satisfactory to automobile manufacturers.
At the same time, Indian steel companies are calling on the government to impose higher tariffs on imported steel.
India's steel sector did not immediately respond to media comments on the import and export data.
Although the government data did not provide specific figures of stainless steel imports, industry insiders pointed out that the relevant import volume has increased.
The import of stainless steel flat products from Indonesia increased sharply. Up to last year, the monthly import volume in the past was less than 1000 tons, and it has soared to 10000-11000 tons from March to April this year; Said K.K. pahuja, President of the non-profit Indian Stainless Steel Development Association.
Indian stainless steel producers claimed that some Chinese products were transshipped through Indonesia and then flowed into the Indian market in order to avoid the additional import tax imposed by India since 2017.
The new trend shows that the import of (stainless) steel from China has decreased, but the import from ASEAN has increased, which indicates that (Chinese products) are likely to be suspected of circumventing the existing countervailing duties through third country transshipment; Said abhyuday Jindal, general manager of Jindal stainless steel, India's largest stainless steel producer.
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