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, according to government data. Despite the decline, the world’s second-largest crude steel producer remained a net importer of finished steel during the April–October period. The fall in imports came alongside a 7.4 per cent rise in domestic consumption, which reached 92.2 million tonnes.
South Korea emerged as India’s largest source of finished steel imports, supplying 1.4 million tonnes. It was followed by China, Japan and Russia. Although total imports declined sharply, the figures show a continued inflow of foreign steel into the Indian market.
Domestic production remained strong. Finished steel output stood at 91.6 million tonnes for April–October, while crude steel production reached 95.7 million tonnes, underscoring the scale and resilience of India’s steel industry despite external competition.
In contrast to the fall in imports, India’s finished steel exports jumped 25.3 per cent year-on-year to 3.5 million tonnes. Europe was a major destination, with Italy and Belgium leading as top importers of Indian steel, followed by Spain. This highlights the growing global competitiveness of Indian steel in select markets.
The government noted that domestic steel prices have come under pressure due to weak demand and high supply. Trading activity also remained subdued during the festival season. This challenging environment has been particularly difficult for smaller steel producers, as previously reported.
Overall, the combination of declining imports, rising exports and increasing domestic consumption reflects the complex landscape of the Indian steel sector as it navigates muted internal demand and evolving international trade dynamics.