India becomes a major consumer of rolled metal products

India will remain a net steel importer for at least the next two years as high quality steel from South Korea and Japan comes tax-free amid fears of increased shipments from China, according to local Fitch Ratings Ltd. ,

Overseas purchases from India totaled 7.8 million tonnes imported for the year ended March 31, making it a net importer and is likely to remain at that level this year, said Rohit Sadaka, director of India Ratings and Research Ltd. joins the proposed Regional Comprehensive Economic Partnership, or RCEP, opening the door to cheaper imports from China.


“India, as one of the leading consumer countries, is a convenient market for imported steel as it is a growing market,” he said. "This will be a big threat to Indian steel players because the local steel industry will not be able to compete with China and its huge surplus."