India Emerges as Net Importer of Finished Steel Amid Shifting Trade Trends

India has emerged as a net importer of finished steel in recent years, marking a clear shift in the country’s steel trade dynamics. Official data presented in Parliament shows that imports have exceeded exports since 2022–23, reversing the surplus trend recorded during the pandemic-affected years. The change highlights evolving domestic demand, competitive global pricing, and structural shifts in the steel market.

The Minister of State for Steel informed Parliament that India’s finished steel trade balance has seen sharp fluctuations over the past six financial years. While exports outperformed imports in 2020–21 and 2021–22, the trend reversed thereafter as inbound shipments gained momentum due to changing global supply conditions and pricing advantages.

In 2019–20, finished steel imports were valued at ₹44,683 crore, exceeding exports of ₹36,727 crore. The balance improved in 2020–21 as imports declined to ₹32,154 crore while exports rose to ₹47,170 crore. The strongest export performance came in 2021–22, when shipments peaked at ₹99,452 crore against imports of ₹46,298 crore, supported by robust overseas demand and supply disruptions in major global markets.

However, from 2022–23 onwards, imports once again overtook exports. Imports stood at ₹64,455 crore compared with exports of ₹55,829 crore during the year. The gap widened further in 2023–24 and became more pronounced in 2024–25, when imports rose sharply to ₹80,737 crore while exports declined to ₹40,585 crore.
During April to November 2025, finished steel imports totalled 4.19 million tonnes, marginally exceeding exports of 4.18 million tonnes. This near parity in volumes reflects a finely balanced trade environment amid volatile global economic conditions and fluctuating domestic demand.

The government reiterated that steel is a deregulated sector, with prices determined by market forces such as demand and supply dynamics, global price trends, raw material availability, logistics costs, and energy prices. Crude steel production has continued to rise steadily, increasing from about 109 million tonnes in 2019–20 to around 152 million tonnes in 2024–25, reflecting capacity expansion across the industry.

Domestic prices of hot-rolled coils have remained volatile, rising sharply during the post-pandemic recovery before moderating in recent years. Industry experts say the growing reliance on imports will remain under close watch as India balances domestic capacity growth, cost competitiveness, and long-term self-reliance goals in the steel sector.