India became a net importer of rolled steel products in FY2023-2024

India imported 8.3 million tonnes of rolled steel in the 2023-2024 financial year (ended in March), up 38.1% year-on-year. Thus, the country became a net importer of rolled steel. This is reported by Reuters with reference to government data.

India’s steel exports in FY2023-2024 increased by 11.5% compared to FY2022-2023 – to 7.5 million tons. Steel consumption during this period increased by 13.4% y/y – to 136 million tons, reflecting strong demand for products.

Steel production for the year reached 143.6 million tons, up 12.9% y/y, and rolled steel production increased by 12.4% y/y – to 138.5 million tons.

Indian steel mills are calling for government intervention and protective measures against the sharp rise in imports. However, the federal Ministry of Steel resists calls for restrictions, citing high domestic demand.

Steel consumption in India is expected to remain strong as the government forecasts that the country’s economic growth will outpace the global economy in the current fiscal year.

As GMK Center previously reported, India’s leading steel companies, including JSW Steel and Tata Steel, plan to invest heavily in increasing steel capacity by at least 22 million tons per year in FY2024/2025.

In 2023, India increased steel production by 11.8% y/y – to 140.2 million tons. The country is ranked second in the top ten steel producing countries by World Steel.