China was the largest buyer of Indian finished steels in first six months of ongoing fiscal (April-September, 2020), according to the provisional data from Indian government.
China bought 1.9 million tonnes of finished steel from India over the period, accounting for 29% of the country's total exports.
India suffered a heavy blow in steel consumption in April-September, which even hit an at least 6-year low, due to weakening domestic demand impacted by COVID-19 epidemic.
China, the largest steel consumer worldwide, on the other hand, contained the spread of the virus promptly and resumed industrial production with a growing demand in steel products. Indian finished steel producers therefore sold the surplus steel to Chinese buyers.
(Writing by Rebecca Liu Editing by Tammy Yang)
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