India’s finished steel imports surged by 15.8 pc year-on-year to reach 8.98 million metric tonnes between April and February, according to provisional government data.
This increase has reinforced India’s position as a net importer of finished steel in the 2023-24 financial year, with major shipments coming from South Korea, China, and Japan.
The rise in imports has prompted the Indian government to take measures to control the influx of foreign steel. Last month, authorities recommended a 12 pc safeguard duty on certain steel products for 200 days to discourage excessive imports and support domestic producers.
South Korea remained the largest exporter of finished steel to India during this period, supplying 2.6 million metric tonnes, which represented a 7.1 pc increase year-on-year. Imports from China, however, declined by 5.3 pc to 2.4 million metric tonnes.
Meanwhile, Japan saw a significant rise in its steel exports to India, with shipments reaching 1.9 million metric tonnes, marking a nearly 70 pc year-on-year growth.
Flat steel products dominated India’s overall finished steel imports, accounting for 95 pc of total shipments. Among these, hot-rolled coils or strips were the most imported items in terms of volume.
While imports increased, India’s finished steel exports dropped sharply. During the April-February period, exports fell by 33.7 pc to 4.4 million metric tonnes.
Italy remained India’s largest export destination, but shipments to the country declined by 56.2 pc.
Exports to Belgium and Spain also saw reductions, reflecting a broader decline in demand from European markets.
The outlook for Indian steel exports remains uncertain, particularly with the European Union imposing tighter import restrictions. However, domestic demand has remained robust, which could help offset the decline in exports.
India’s finished steel consumption rose by 11.3 pc year-on-year to 137.8 million metric tonnes, while crude steel production increased by 5.2 pc to 138.2 million metric tonnes during the same period.
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