India’s Finished Steel Imports Surge to Seven-Year High

India’s finished steel imports reached a seven-year high of 5.7 million metric tons during April-October, according to provisional government data. This marks a continuation of the trend from 2023/24, when India became a net importer of steel. China led the exports to India, a pattern expected to persist during April-October, with final details to be confirmed later this month.

India’s steel ministry is considering implementing a safeguard duty or temporary tax to curb rising imports. Despite strong domestic demand in infrastructure and automotive sectors, steel consumption has slowed in markets like the U.S. and Europe. Domestic finished steel consumption peaked at 85.7 million metric tons during the same period, a seven-year high.

Finished steel exports from India slumped to a seven-year low of 2.8 million metric tons, and finished steel production rose by 4.4% to 82.7 million metric tons. Meanwhile, crude steel production increased by 3%, reaching 84.9 million metric tons.