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India's finished steel imports reached a five-year high in the starting of two months of the fiscal year which started in April, with the country continuing to be a net importer, as per provisional government data.
India, the second-largest producer of crude steel in the world, experienced strong demand for steel due to the country's growing construction and automobile industries.
India imported 1.1 million metric tonnes of finished steel between April and May, up 19.8% from a year earlier, according to the data given.
India's steel mills, alarmed by a sharp surge in imports, have repeatedly called for government interventions and safeguard measures. The federal Ministry of Steel has resisted such calls, citing strong local demand.
China was a top exporter of steel to India in recent months, alongside South Korea. Major Indian steel producers such as Tata Steel have flagged Chinese imports as a "growing concern."
Meanwhile, India's finished steel consumption soared 10.5% to a six-year high at 23 million tonnes in April-May, reflecting buoyant demand for the alloy in one of the world's fastest-growing economies.
Rapid economic growth and higher infrastructure spending have turned India into a lucrative market for Indian and global steel makers, particularly with steel demand slowing down in Europe and the United States.
India was a net importer of finished steel during the previous fiscal year that ended in March. The country imported 8.3 million metric tonnes of finished steel, up 38.1% from the prior year.
The country's finished steel exports fell to their lowest in at least six years. Overseas shipments of steel totalled 0.9 million tonnes between April and May, down 39.6% year-on-year, the data showed. Crude steel output stood at 24.6 million tonnes, up 4.9% from a year earlier.
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