Although India’s imports and exports of finished steel products fell from April to September, countries affected by the US $ 232 tariff adjusted their shipping trends to India, from the Joint Plant Committee.
Higher imports from South Korea were 1.32 million tonnes, up 13.8 percent from the previous year’s 1.16 million tonnes, but imports from China dropped to 345,000 tonnes, down 33.4 percent from 518,000 tonnes. Imports from Japan dropped to 541,000 tonnes, down 8.8 percent from 593,000 tonnes.
JSW Steel said on Thursday that escalating trade measures led to a shift in steel imports from surplus steel to India.
In March, the US imposed an additional 25% duty on steel from a number of countries, including Japan and China, along with an additional 10% duty on aluminum.
Total steel imports from China, Japan and South Korea to India increased to 1.58 million tonnes from July to September, more than 560,000 tonnes, or 54.9 percent, from 1.02 million tonnes in January. -March.
But the exports of these three countries to the United States fell from 1.48 million tons (January to March) to 0.99 million tons (July – September), down 490,000 tons or 33.1%, JSW Steel said. know, citing JPC data. JPC is India’s only agency authorized to collect data on domestic steel and iron.
Japan and South Korea have free trade agreements with India and thus enjoy preferential tariffs. Market participants say the FTA allows imported steel to be around 10% cheaper than domestic steel.
In the context of fears that imports could lead to dumping, there are requirements from the steel industry to the government to limit imports of steel by using anti-dumping taxes.
This year, the rupee has fallen sharply against the US dollar due to global uncertainty and concerns over inflation. The rupee rate hit an all-time low of Rs. 74.35 a dollar on Oct. 9.
Although it may still be premature to say whether a long-term import trend will emerge, import and export data from JPC indicate a different impact.
This data also indicates the change in the requirements of certain steel products.
From April to September, imports of non-flat products reached 585,100 tonnes, up 30.5% from 448,510 tonnes, while flat products reached 3.42 million tonnes, down 11.6%. with 3.87 million tons of the previous year.
Imports of semi-finished steel, including billet, billet and scrap, totaled 552,130 tonnes, up 10.7 percent from the previous year’s 498,690 tonnes.
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