India's Steel Trade Imbalance Reaches Record Levels

India's steel industry faces unprecedented challenges as finished steel imports hit an all-time high while exports plummet to a seven-year low in the April-January period of the current fiscal year. The surge in imports, rising over 20% to 8.29 million tonnes, has been driven by shipments from China, South Korea, and Japan. Meanwhile, exports have shrunk by 28.9% to 3.994 million tonnes. This trade imbalance has raised concerns among domestic producers, prompting discussions about potential safeguard measures. The government is considering imposing temporary duties to protect local manufacturers from the influx of cheaper imports, particularly from China.

Source: Reuters