India’s April finished steel imports from China hit five-year high

NEW DELHI: India’s finished steelpurchasesfromChinatoucheda five-year high in April and the country’s overall imports of the alloy reachedafour-yearhigh,accordingto provisionalgovernmentdata.

In April, China emerged as the second-biggeststeelexportertoIndia by shipping out 0.1 million tonnes, up 79 per cent year on year. Imports from China accounted for nearly a quarter of India’s overall finished steelimportsinApril.

India imported 0.5 million tonnes of finished steel in April – the highest since 2019 – up 38.2 per cent from a yearearlier,thedatashowed.

China, the world’s largest steel producer, exported mostly cold-rolled sheets – used in the automobile, white goods and consumer durable sectors. India also imported electrical sheets andpipesfromChina,thedatashowed.

In April, South Korea was the top exporter of finished steel by shipping out 0.2 million tonnes, accounting for 32percentofIndia’soverallimports.

However, India, the world’s second-biggest crude steel producer, was a net exporter of finished steel in April, with 0.9 million tonnes sold to top buyers such as Italy, Spain, Vietnam, Nepal and the United Arab Emirates,thedatashowed.

In April, India’s steel exports to Italy reached their highest levelinsixyears.

Europe is a crucial market for India’s steel, and Indian steelmakers are concerned over the European Union’s plans to impose a levy on high-carbon goods imports from 2026, targeting imports of steel and a few othercommodities.

Domestically, India’s crude steel production stood at 10.7 million tonnes in April, up 3.2 per cent from a yearearlier.

India’s steel consumption is expected to grow by 7.5 per cent during the current fiscal year to March2024,boostedbyrisingdemand from the domestic construction, railwayandcapitalgoodssectors.

Dhanbad division Tops among 58 divisions in Freight loading in first 2 months of FY24

NEW DELHI: Dhanbad rail division under the East Central Railway (ECR) has again set a new record in freight loading and earning in the first two months of the current financial year, an officialsaidonFriday.

The Divisional Railway Manager (DRM) of Dhanbad Division, Kamal KishoreSinha,saiditisthehighestamong 58raildivisionsacrossthecountry.

InAprilandMayoftheongoingfiscal,

Dhanbad Division registered a freight loading of 31.18 million tonne, which is 9.13percenthigherthanthelastfiscal,he said. The division had achieved a freight loading of 28.57 million tonne in the first twomonthsof2022-23.

The Dhanbad division has earned Rs 4,143. 56 crore from freight loading in the first two months of the current financial year which is 13.7 per cent more than April-May of the previous financialyear,headded.

In the 2022-23 fiscal also, the division had set a record in freight loading and revenue earning among all 58 divisions inthecountry.

The division had registered freight loading of 171.32 million tonne and earned a revenue of Rs 23,006 crore in the previous fiscal, which was also the highest among all the rail divisions of theCountry.