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Print[Ferro-Alloys.com] India's finished steel imports jumped 53.3 percent to 2.88 million tonnes in April to July, bucking worldwide weakness, as rising sales of cars and fridges in Asia's third-largest economy boosted demand and buyers took advantage of lower global prices.
India, the world's fourth-largest steel producer, has been a net importer since 2008. Imports could continue to rise as uncertain power supplies and bureaucratic hurdles to accessing raw materials have resulted in slower capacity additions despite growing demand.
The global steel market from Europe to China is reeling from weaker demand amid slower economic activity, hurting both prices of steel and raw materials like iron ore.
"The increase in import of steel is mainly on account of higher prices in local markets," said Prateek Gupta, managing director of Mumbai-based Ushdev International, one of the leading metal traders in India.
In China, the world's top steel market, steel rebar prices have fallen more than 20 percent from their peaks this year, pushing down spot iron ore prices.
China accounted for nearly one third of the April-July imports to India, followed by South Korea and Japan. Ukraine and other CIS countries also exported in significant quantity to India, traders said.
In the financial year ending March 2012, India imported 6.8 million tonnes of finished steel, marginally higher than 6.7 million tonnes in the previous year.
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