China, the largest steel producer globally, exported 1.7 million metric tons of finished steel to India between April and October, marking a 35.4 percent rise compared to the previous year. This has worsened the declining financial condition of Indian steel manufacturers who are contending with low-priced Chinese imports and decreasing domestic prices, even with strong demand fueled by swift economic expansion and increasing infrastructure investment in the world's fastest-growing major economy.

According to the data, China, the largest steel producer globally, primarily exported stainless steel, hot-rolled coils, galvanised sheets, plates, and electrical sheets, among various other grades during the timeframe. India's total imports of finished steel rose to a seven-year peak of 5.7 million metric tons in the period from April to October.

Data revealed that imports of finished steel from Japan and Vietnam more than doubled during the timeframe. China, South Korea, and Japan represented 79 percent of the overall finished steel imports from April to October. India's steel ministry has requested a 25 percent safeguard duty or a temporary tax for two years on flat-steel products to limit inexpensive Chinese imports, as per a letter reviewed by Reuters.

"There is a looming threat of huge increase in cheap imports from China," Sandeep Poundrik, the most senior civil servant at the Ministry of Steel said in a letter to his counterpart in the trade ministry. The letter was dated Nov. 27.