India's steel imports surged over 53% in the April-June quarter of the current fiscal indicating that domestic producers continue to face pressure from cheap inbound shipments from countries such as China, Japan and Korea.
Steel consumption however grew by 7.1% to 20.10 million tonnes (MT) in the first quarter of 2015-16 helped by cheaper imports and increased production of saleable steel, shows the latest data by Joint Plant Committee (JPC), under the Steel Ministry.
Total finished steel imports grew 53.1% to 2.545 MT in April-June as against the year-ago period. But imports in June 2015 were down 4.7% at 0.873 MT from May. Compared to June last year, imports rose by 49.5%. In the fiscal 2014-15, imports grew 71% to 9.32 MT compared to 2013-14, making India a net importer of the metal.