<p>New Delhi: India's finished steel imports touched a five-year high in the first two months of the fiscal year that began in April, with the country continuing to be a net importer, according to provisional government data seen by <em>Reuters</em>.</p><p>Steel demand has been buoyant in India, the world's second-biggest crude steel producer, as the country remained a bright spot globally with robust demand from its construction and automotive sectors.</p>.India fastest growing economy, to clock 6.7% growth over 3 years: World Bank.<p>India imported 1.1 million metric tons of finished steel between April and May, up 19.8% from a year earlier, the data showed.</p><p>India's steel mills, alarmed by a sharp rise in imports, have repeatedly called for government interventions and safeguard measures. The federal Ministry of Steel has resisted such calls, citing strong local demand.</p><p>China was a top exporter of steel to India in recent months, alongside South Korea. Major Indian steel producers such as Tata Steel have flagged Chinese imports as a "growing concern."</p>.Modi government to stick to deficit target despite poll setback: Report.<p>Meanwhile, India's finished steel consumption jumped 10.5% to a six-year high at 23 million tons in April-May, reflecting buoyant demand for the alloy in one of the world's fastest-growing economies.</p><p>Rapid economic growth and higher infrastructure spending have turned India into a lucrative market for Indian and global steel makers, particularly with steel demand slowing down in Europe and the United States.</p><p>India was a net importer of finished steel during the previous fiscal year that ended in March. The country imported 8.3 million metric tons of finished steel, up 38.1% from the prior year.</p><p>The country's finished steel exports fell to their lowest in at least six years. Overseas shipments of steel totalled 0.9 million tons between April and May, down 39.6% year-on-year, the data showed.</p><p>Crude steel output stood at 24.6 million tons, up 4.9% from a year earlier.</p>
<p>New Delhi: India's finished steel imports touched a five-year high in the first two months of the fiscal year that began in April, with the country continuing to be a net importer, according to provisional government data seen by <em>Reuters</em>.</p><p>Steel demand has been buoyant in India, the world's second-biggest crude steel producer, as the country remained a bright spot globally with robust demand from its construction and automotive sectors.</p>.India fastest growing economy, to clock 6.7% growth over 3 years: World Bank.<p>India imported 1.1 million metric tons of finished steel between April and May, up 19.8% from a year earlier, the data showed.</p><p>India's steel mills, alarmed by a sharp rise in imports, have repeatedly called for government interventions and safeguard measures. The federal Ministry of Steel has resisted such calls, citing strong local demand.</p><p>China was a top exporter of steel to India in recent months, alongside South Korea. Major Indian steel producers such as Tata Steel have flagged Chinese imports as a "growing concern."</p>.Modi government to stick to deficit target despite poll setback: Report.<p>Meanwhile, India's finished steel consumption jumped 10.5% to a six-year high at 23 million tons in April-May, reflecting buoyant demand for the alloy in one of the world's fastest-growing economies.</p><p>Rapid economic growth and higher infrastructure spending have turned India into a lucrative market for Indian and global steel makers, particularly with steel demand slowing down in Europe and the United States.</p><p>India was a net importer of finished steel during the previous fiscal year that ended in March. The country imported 8.3 million metric tons of finished steel, up 38.1% from the prior year.</p><p>The country's finished steel exports fell to their lowest in at least six years. Overseas shipments of steel totalled 0.9 million tons between April and May, down 39.6% year-on-year, the data showed.</p><p>Crude steel output stood at 24.6 million tons, up 4.9% from a year earlier.</p>