Chinese Buyers Snap up Indian Steel in Face of Trade Tensions
Marinelink - India's steel exports more than doubled between April and July to hit their highest level in at least six years, boosted by a surge of Chinese buying in defiance of tensions between Beijing and New Delhi.
Traders said reduced prices had driven the purchases as Indian sellers sought to get rid of a surplus generated by the impact of COVID-19 on domestic demand and generate much-needed income.
It was unclear whether the sales broke any trade rules, but the China Iron and Steel Association said in a statement it was monitoring them.
Leading Indian steel companies Tata Steel Ltd and JSW Steel Ltd were among Indian companies that sold a total of 4.64 million tonnes of finished and semi-finished steel products on the world market between April and July.