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Steel

India's May steel imports lowest in at least 14 months

NEW DELHI, June 6 (Reuters) - India's steel imports fell in May to their
lowest level in at least 14 months, provisional government data showed,
thanks to the country's efforts to cut cheap overseas purchases.
    India, the world's third-largest steel producer, imported 546,000 tonnes
of finished steel last month, nearly 41 percent lower than the same month a
year earlier, data from the Joint Plant Committee (JPC) of the steel
ministry showed. The JPC website shows monthly steel import data since April
2015.
    In February, the government imposed a floor price on the import of 173
steel products and in March extended import taxes on some products until
2018. Last month, New Delhi imposed a provisional anti-dumping
duty on seamless tubes, pipes imported from China.
    India has also begun looking into the possible dumping of cheap steel
from China, as well as Japan and South Korea. Domestic steel makers
including JSW Steel, Tata Steel and Kalyani Steels
 have been lobbying the government for more protectionist measures.
    Consumption of steel in India, the only major market where steel demand
is growing, rose 3.8 percent in May while steel exports by Asia's
third-largest economy rose 6.1 percent.
    The following table shows steel production as well as trade data.
Figures are in million tonnes. Some numbers have been rounded up.
 FINISHED STEEL           May 2016   Y/Y (pct)  April 16-May 16    Y/Y (pct)
 Production for sale        8.28       -0.9           15.97           2.4
 Import                     0.55       -40.9          1.20           -29.3
 Export                     0.38        6.1           0.69           -11.7
 Consumption                7.56        3.8           13.32           4.5
 CRUDE STEEL PRODUCTION     7.83        2.1           15.47           1.9
 
 (Reporting by Sankalp Phartiyal. Editing by Jane Merriman)
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