India’s Finished Steel Imports Surge 16% in April-February – Exports Plunge 34%

India’s finished steel imports rose sharply by 15.8% to 8.98 million metric tons (mt) during the April-February period of the 2024-25 fiscal year, according to provisional government data released on Tuesday, April 1.

South Korea remained India’s largest steel supplier, shipping 2.6 million mt an increase of 7.1% compared to the same period last year. Japan recorded a significant 70% surge in exports to India, reaching 1.9 million mt. However, imports from China declined by 5.3%, settling at 2.4 million mt.

Flat steel products dominated the import mix, accounting for a substantial 95% of total finished steel imports.

On the export front, India’s outbound shipments of finished steel plummeted by 33.7% to 4.4 million mt over the same period, reflecting weaker international demand and trade challenges.

The data highlights a growing reliance on imported steel, even as domestic production remains strong. The sharp decline in exports may impact India’s trade balance, raising concerns within the industry about competitiveness in the global market.