India's finished steel imports surged 41.3 per cent to 4.7 million tonnes (mt) I 41.3 per cent to 4.7 million tonnes compared to the same period last year.
Country-wise data for the first five months show China continues to lead the pack with the largest share in total finished steel imports with 30.5 per cent.
As Dragon Land grapples with economic challenges, it is becoming an increasing concern for the steel industry, impacting not only India but the entire world. Beijing's latest measures to boost the economy and the beleaguered property sector are unlikely to fix the problem.
Importance of being China
The Olympics were awarded to Beijing in 2001, and until 2008, when it actually happened, the production of the alloy grew rapidly.
The main venue, the Beijing National Stadium, or the Bird's Nest, was said to have consumed 110,000 tonnes of steelthe largest steel structure ever built at that time.
But consider the overall numbers. In 2001, China's steel production stood at 148.9 mt, which increased to 500.5 mt in 2008. As of 2023, it was at 1,019.1 mt, according to World Steel Association (WSA) figures-accounting for 53.97 per cent of world steel production. India, second in the league table, was at 140.2 mt.
The property sector in China accounted for about a third of domestic steel consumption at peak level. But a downturn since 2021, coupled with overall weak demand, is snowballing into a global problem.
Reports indicate China is on track to export more than 100 mt in 2024-the most since 2016.
India's concern
The deluge of exports from China is hitting Indian steelmakers in more ways than one. Cheaper products from the country flooding the world have impacted India's competitiveness in export markets.
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