In the initial four months of the current fiscal year, which commenced in April, India has continued to be a net importer of steel. Provisional data reviewed by Reuters indicates that China has emerged as the foremost supplier of this crucial alloy, underscoring the ongoing trend of high steel imports into India.
From April through July, India brought in 2.69 million metric tons of steel while exporting 1.57 million metric tons, according to the data. This trend of importing more steel than it exports has persisted since the fiscal year ending March 31, 2024, with a noticeable increase in imports from China.
During the April to July period, China was the top exporter of steel to India, delivering approximately 807,000 tons of the material. This was followed by Japan and South Korea, which also contributed to India’s steel imports during this timeframe.
Prominent Indian steel producers such as JSW Steel and Tata Steel have expressed concerns over the rising volume of steel imports into India. In response to these concerns, the Indian government has launched an anti-dumping investigation into specific steel products being imported from Vietnam.
The surge in imports and the corresponding decrease in exports have led to a significant drop in steel prices within India, hitting their lowest level in over three years. This decline in prices is detailed in data from the commodities consultancy firm, BigMint.
During the period from April to July, India’s production of crude steel amounted to 48.8 million metric tons, while the production of finished steel was recorded at 47 million metric tons. Italy emerged as the largest importer of Indian steel during this period, with Belgium and the United Kingdom following closely behind, according to the data.
