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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.