In fiscal year 2019, the apparent consumption of finished steel products in India reached 97.5 million tons, with an annual growth rate of 7.5%. It ranked first among the world's steel consumers and was close to the consumption level of the United States. The country is likely to become the world's second largest steel consumer by the end of 2019.
In fiscal year 2019, India's total steel imports (including semi-finished steel billets) were 8.8 million tons, an increase of 4.6% over the previous year, while its total exports were 8.5 million tons, a decrease of 26.4% over the previous year. The possible reason is that China and the European Union took retaliatory measures immediately after the US imposed the steel and aluminium tariff based on Clause 232, and the anti-dumping and anti-subsidy measures taken by some countries on steel products also led to the shrinkage of market space for India's steel exports in foreign trade, which made India's steel exports face strict trade barriers.
Globally, manufacturing performance is generally below expectations. In March, the PMI values of manufacturing industries in the United States, China, Germany, Korea and Japan were 52.4, 50.8, 44.1, 48.8 and 49.2, respectively, which were generally lower than those in February. There is a glimmer of hope that the economic measures taken by the United States, Germany, Japan, China, Indonesia, the United Arab Emirates, Saudi Arabia and India in public investment and appropriate policy support (monetary and financial) for infrastructure, real estate, ports, shipbuilding and other steel-intensive industries will continue unabated. This factor enables the iron and steel industry to quickly overcome the current difficulties.
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