India's steel imports jump

India’s steel imports jump

India's steel imports rose 60 percent year on year to 1.5 million metric tons in the first half of the current fiscal year (April-September 2005). Industry officials indicate that the low customs duty of 5 percent is the main cause for increase in steel imports. Russia, Ukraine, Egypt, Germany and Romania were the main countries that exported steel to India. Furthermore, hot rolled coils accounted for 1 million metric tons of total steel imports. On the other hand, Indian steel exports fell 6 percent year on year to 1.9 million metric tons during the same period. Total steel production during the period rose 7.5 percent year on year to 19.68 million metric tons.