India Steel Import: Provisional data as provided by the Government of India showed that China emerged as the top exporter of finished steel to India. India imported 2.9 million tonnes of completed steel from April to September, a 13.4% increase from the same period last year. The exported products to India include cold- rolled coil or sheets, hot-rolled coil products, plates, and pipes, among others.
Chinese mills are also reported to be undercutting other steel producers in terms of prices. This, in turn, has had an impact on exports by Indian steel companies, with countries in the Middle East and Vietnam buying more steel from China.
China is set to export the most steel this year since 2016, say analysts, as the weakening yuan and competitive prices help the world's biggest producer offload surplus metal due to weak demand at home. China's massive steel industry has been hard hit by a months-long slump in the country's huge property sector, pushing steel prices to three-year lows in May. Steel exports in the first five months were up 41% compared to a year ago, customs data showed, and traders said they have recently seen improved overseas buying appetite.
Although the demand for building steel rose by more than 26% in May compared to the previous month, steel prices decreased for the 10th month, and steelmakers expected the struggle to continue.