India’s steel imports in May fell 41 percent year on year

India’s efforts to safeguard its domestic steel makers from cheap imports helped the country lower its overseas buys to at least a 14-month low in May, ministry data showed.

Steel imports in May stood at 546,000 tonnes of finished steel, down nearly 41 percent from the same period last year, according to the the Joint Plant Committee (JPC) of the steel ministry showed.

Worried over cheap dumping by China, India imposed a minimum import prices on 173 steel products earlier this year and followed up by extending import duties on some others until 2018.

India, the world’s third-largest steel maker, saw consumption rise by 3.8 percent in May, data showed.

 

 

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