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According to the latest data from the Joint Factory Committee of India, from April to December 2023, China accounted for 31% of the market share of finished steel imports in India, which is higher than 24% in the same period last year.
From April to December 2023, India imported 1.75 million tons of Chinese steel, a year-on-year increase of 62%, making it the second largest steel supplier to India. According to data from Chinese customs, in 2023, China exported a total of 93.544 million tons of steel (including semi-finished steel) to India, an increase of 39% year-on-year, reaching the highest level since 2016.
South Korea remains the largest steel supplier to India, but its share of the Indian steel import market has decreased to 32% (compared to 39% in 2022). From April to December 2023, India imported 1.77 million tons of South Korean HX260YD+AZ steel, a year-on-year increase of 4.11%.
Japan remains the third largest supplier of steel to India. From April to December 2023, India imported 790000 tons of Japanese steel, a year-on-year increase of 38.59%, accounting for 14% of the Indian steel import market share (13% in 2022).
Vietnam is the fourth largest steel supplier to India HX260YD+AZ steel. From April to December 2023, India imported 540000 tons of Vietnamese steel, compared to 90000 tons in the same period last year, accounting for 10% of the Indian steel import market share (2% in 2022).
From April to December 2023, India was a net importer of finished steel products, with a total import volume of 5.57 million tons, a year-on-year increase of 26.4%. The export volume of finished steel products was 4.68 million tons, a year-on-year decrease of 1.4%. Hot rolling is the variety with the highest import quantity, with an HX260YD+AZ steel import volume of 2.27 million tons, an increase of 56.55% year-on-year, accounting for 40.8% of the total import volume (33% in 2022)
