India’s finished steel imports fell 34.1 per cent year-on-year to 2.5 million tonnes in the first seven months of the financial year, government data shows. Despite this decline, the country — the world’s second-largest crude steel producer — remained a net importer of finished steel between April and October. The fall in imports occurred alongside a 7.4 per cent rise in domestic consumption, which reached 92.2 million tonnes.
South Korea was the biggest supplier during the period, exporting 1.4 million tonnes of finished steel to India. It was followed by China, Japan and Russia. Although overall imports fell, the figures underline the steady inflow of foreign steel into the Indian market.
Domestic production remained firm. India produced 91.6 million tonnes of finished steel in April–October, while crude steel output stood at 95.7 million tonnes, highlighting the resilience and scale of the sector despite import competition.
In contrast to the import trend, India’s finished steel exports rose sharply by 25.3 per cent year-on-year to 3.5 million tonnes. Italy and Belgium were the biggest European buyers, followed by Spain, reflecting strong international demand for Indian steel in select markets.
The government report noted that domestic steel prices were under pressure due to subdued demand and high supply. Trading activity also slowed during the festive season, adding strain on smaller steel producers.
The combined trend of lower imports, higher exports and rising domestic consumption presents a mixed picture for the steel industry, which is managing both domestic market softness and shifting global trade dynamics.