India’s Steel Exports Up 11% in October; Imports Decline 4% Amid New Standards

Indian steel exports saw an 11% sequential rise in October, reaching 0.44 million tonnes (mt), marking the first increase this fiscal year. Imports moderated for the first time, dropping by 4% to 0.98 mt after reaching a high of 1.1 mt in September. Despite this, imports remain up 34% year-on-year, reflecting ongoing market stress, while exports rose 51% compared to October 2023.

For the first seven months (April–October), India remained a net importer, with imports at 5.72 mt, a 40% increase year-on-year, surpassing exports of 2.75 mt. The decline in imports was attributed to tightened quality controls and a slowdown in Chinese production, helping steel prices recover. Domestic steel makers, however, continue to face compressed margins.

India’s export markets, particularly the Middle East and Europe, benefitted from price differences with Chinese steel. While European demand remains uncertain, exports to the Middle East are expected to be more sustainable, especially as Chinese production cuts continue. Domestic steel prices have shown improvements, particularly in long products, with a 2% rise in October.

The Ministry’s report also highlighted that India’s steel production from April to October was 82.65 mt, marking a 4.4% year-on-year increase, with consumption rising by 13%. Despite the recovery, challenges remain as major steel makers like Tata Steel and SAIL focus more on the domestic market amid strong competition and pricing pressures.

For the remainder of the fiscal, the sector’s outlook depends on international steel price trends and the continued impact of the Chinese stimulus.