Little to cheer for domestic steel units even as India's use nears 100 MT

Scaling down of steel capacity in China helped push imports lower in the last couple of years

India will continue to be a net importer of steel for at least the next two years as high-grade products from South Korea and Japan flow in tax-free amid worries of escalation in supplies from China, according to Fitch Ratings Ltd.’s local unit.

Overseas purchases by India totaled 7.8 million tons imported in the year ended March 31, making it a net importer, and are likely to stay around that level this year, said Rohit Sadaka, director at India Ratings and Research Ltd. That could increase if India joins the proposed Regional Comprehensive Economic Partnership, or RCEP, opening the door