India closing in on using 100 million tons of steel

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 RohitSadaka, director at India Ratings and Research Ltd. That could increase if India joins the proposed Regional Comprehensive Economic Partnership, or RCEP, opening the door for cheaper imports from China.