Aug 28, 2020, 11:09:00 PM | TOI.in
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Defying trade tensions, Chinese buyers snap up Indian steel

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 sellers sought to get rid of a surplus generated by the impact of COVID-19 on domestic demand and generate much-needed income. Of the 4.64 million tonnes, Vietnam and China bought 1.37 and 1.3 million tonnes of steel, respectively. The Chinese purchases are by far the largest since data was first collated in the current form beginning with the fiscal year April 2015-March 2016.

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