Japan & South Korea dominate India’s steel imports

Japan and South Korea accounted for an overwhelming 57% of India’s steel imports (pegged at 630,000 tonnes) in April 2019, compared to 45% in the previous month. Imports from Japan increased by 27% YoY to reach 116,000 tonnes, while imports from Korea rose by 15% YoY to reach 2,45,000 tonnes. Both countries have the benefit of tax-free imports due to free trade agreements. 

India’s overall steel imports declined by 6.1% YoY in April, but it remained net importer for the second month in a row. Leading producers like South Korea, Japan and China are looking to offload surplus production to India due to tariffs and protectionist measures taken by US and EU.

Subscribe To Newsletter

Stay ahead in the dynamic world of trade and commerce with India Business & Trade's weekly newsletter.