NEW DELHI: Steel imports into India dropped last month to the lowest level in at least a year after the government imposed curbs to stem a surge in shipments from overseas, including China, the largest producer. Purchases fell to 654,000 metric tons in April, down from 994,000 tons in March, according to provisional data from the Steel Ministry on Friday. The monthly total is 15.5 percent lower than in April 2015, and the smallest since at least the same month last year.
India has been pushing back against a tide in cheap products from overseas after country imported a record 11.2 million tons in the year to March. Last year, a slowdown in China saw the country shipping out unprecedented volumes at lower prices, flooding world markets and prompting countries from India to the U.S. to levy protectionist measures. In 2016, the incentive for China mills to go on seeking exports has receded after prices there rebounded.
