Rise in India’s Steel Imports

India’s finished steel imports from China hit a seven-year high during the first five months of the 2024/25 financial year, according to provisional government data reviewed by Reuters.

Overall, India imported 3.7 million metric tons of finished steel from April to August, marking a six-year high. During this period, the country became a net importer.

China Leads as Top Steel Exporter

India imported 1.1 million tons of steel from China during April-August, an increase of 31.7% year-on-year. China was the largest supplier, followed by South Korea and Japan. The imports mainly included stainless steel, hot-rolled coils, galvanized sheets, and plates.

Government’s Response to Rising Imports

The Indian steel ministry is considering trade measures against rising imports after calls from domestic mills.

Surge in Russian Steel Imports

India also increased steel imports from Russia, reaching a six-year high. Russia exported 54,000 tons to India, more than double compared to the previous year.

Domestic Prices and Demand Trends

Indian steel prices fell in August due to market challenges, such as supply-demand imbalances. Despite this, overall demand remained strong, with finished steel consumption reaching a seven-year high of 60.3 million metric tons—up 13.8% from last year.

Decline in Exports

India’s finished steel exports dropped to a seven-year low, totaling 1.9 million tons between April and August. This marks a 39.6% decline from the previous year. Italy, the top export destination, imported 360,000 tons—48.3% less than last year.

Crude Steel Production Growth

India’s crude steel production during April-August reached 60.9 million tons, reflecting a 4.2% increase from the previous year.