New Delhi, Sept. 18 -- India remained a net importer of finished steel for the fifth straight month in August, with imports exceeding exports despite a sharp rise in overseas shipments, as companies continued to import cheaper steel for value addition and re-export.

The country imported 721,000 tonnes of finished steel in August, up 8% from a year earlier and 2.7% from July, according to provisional data from the Joint Plant Committee (JPC), the statistical arm of the steel ministry, seen by Mint. Exports stood at 694,000 tonnes, rising 31.3% from August last year but declining 0.8% from July.

India therefore recorded a net import of about 27,000 tonnes of finished steel in August.

The latest figures extend a five-month streak during w...