In the just-concluded fiscal year of 2018-19, India lost its original share of steel products in the traditional export market, but imports surged as domestic demand for high-quality foreign steel materials increased, which made the country become a net importer of steel materials for the first time in nearly three years.
Preliminary official data recently obtained show that India's exports of finished steel products in the fiscal year 2018-19 ended March 2019 amounted to 6.36 million tons, a 34% decrease over the same period last year. In the same period, the import volume of finished steel materials increased by 4.7% to 7.84 million tons.
According to an Indian government official familiar with the matter, traditional steel exporters such as China, Japan, South Korea and Indonesia had to find new ways in export markets outside Europe and the United States because of high steel materials and aluminium tariffs and protectionist measures implemented in Europe and the United States last year. As a result, India's original market share of steel exports in the Middle East and Africa was eroded, and India's steel exports decline.
Reported that India's imports of iron and steel materials from these four Asian countries naturally increased as part of its steel export resources were diverted to India.
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