India’s finished steel imports surged to 8.98 million metric tonnes during the April–February period of FY24, reflecting a 15.8% increase year-on-year, according to provisional government data reviewed by Reuters. The rise highlights India’s growing reliance on overseas suppliers, making the country a net importer of steel for the year.
As the world’s second-largest crude steel producer, India is grappling with higher shipments from traditional steel-exporting countries such as China, South Korea, and Japan. In response, the Indian government last month recommended a temporary 12% safeguard duty on select products for 200 days to mitigate the import influx.
Key Exporters to India
South Korea emerged as the largest exporter to India in the reporting period, with shipments rising 7.1% year-on-year to 2.6 million metric tonnes. Despite a dip of 5.3%, China remained a major supplier with 2.4 million metric tonnes, while Japan’s exports saw a sharp 70% jump, reaching 1.9 million metric tonnes.
Flat steel products made up 95% of the total finished imports, with hot-rolled coils or strips being the most imported product category.
Decline in Indian Exports
On the export front, India’s finished steel shipments dropped significantly—falling 33.7% year-on-year to 4.4 million metric tonnes. Italy was the top export destination, but volumes declined 56.2%, with similar downward trends noted in exports to Belgium and Spain.
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Tighter import regulations from the European Union are expected to further impact shipments to the region. However, government officials remain optimistic that rising domestic demand will cushion the potential loss in overseas markets.
Domestic Steel Metrics
India’s crude steel production rose 5.2% to 138.2 million metric tonnes during the same period, while domestic finished consumption climbed 11.3% year-on-year to 137.8 million metric tonnes. The figures highlight sustained demand from the infrastructure, construction, and automotive sectors.
With a strong push for domestic consumption and regulatory measures to curb low-cost imports, India’s industry remains in a balancing act between global competition and internal demand.
