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Last Updated : Oct 28, 2020 07:59 PM IST | Source: Reuters

China bought nearly 30% of Indian steel exports in April-September: Data

China bought 1.9 million tonnes (MT), cornering 29 percent of India's finished steel exports, which hit their highest in at least six years at 6.5MT, the provisional data analysed by Reuters showed.

Reuters

China was the top foreign buyer of Indian steel between April and September, government data showed on Wednesday, marking a rare rise in bilateral economic activity at a time of political tensions that have triggered some trade curbs.

China bought 1.9 million tonnes (MT), cornering 29 percent of India's finished steel exports, which hit their highest in at least six years at 6.5MT, the provisional data analysed by Reuters showed.

With the Indian economy contracting because of the coronavirus pandemic, domestic demand for steel has been weak, and producers have been offloading their surpluses to Chinese buyers.

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China, the world's top steel consumer, has bucked the COVID-linked trend of sluggish global demand, supported by economic stimulus such as infrastructure investments.

The two countries are locked in their most serious military stand-off in decades, after 20 Indian soldiers were killed in June in clashes at their disputed Himalayan border.

New Delhi has also introduced curbs aimed at Chinese investments, but the measures do not affect Indian exports.

During April-September, India's overseas shipments of steel were primarily hot-rolled coils, a flat steel product used to make pipes, automobile parts, engineering and military equipment.

China and Vietnam together purchased just over 75 percent of Indian hot-rolled coils, of the overall 4.49MT exported, data showed.

Indian steel consumption fell to its lowest in at least six years during April-September at 35.86MT, while finished steel production also fell, by 25 percent, to 38.6MT.
First Published on Oct 28, 2020 07:45 pm
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