India increased rolled steel imports by 15.8% y/y in 11 months of FY2024/2025

India increased its imports of rolled metal products by 15.8% in April 2024-February 2025 (11 months of the 2024/2025 fiscal year) compared to the same period of the previous fiscal year, to 8.98 million tons. This is reported by Kallanish with reference to data from the Joint Plant Committee (JPC).

Exports of finished steel products decreased by 33.7% y/y – to 4.4 million tons over the period. Thus, the country remains a net importer of rolled steel, most of which is imported from South Korea and China – 2.65 million tons (+7.1% y/y) and 2.4 million tons (-5.3% y/y), respectively. Japan, Vietnam and Indonesia also account for a significant share of imports.

Steel imports to the Indian market are not expected to grow in the short term as buyers may postpone new bookings due to the announcement by the Directorate General of Trade Remedies (DGTR) regarding safeguard duties.

On March 18, the DGTR recommended a 12% temporary safeguard duty on imports of unalloyed and alloyed flat products for 200 days. The agency invited the industry to comment within 30 days and will hold an oral hearing before making a final decision.

Steel production in India increased by 5.2% y/y – to 138.21 million tons in 11 months of FY2024/2025. Rolled steel output increased by 5% y/y – to 132.89 million tons, while domestic consumption amounted to 137.82 million tons, up 11.3% y/y.

Steel companies SAIL, Rashtriya Ispat Nigam (RINL), Tata Steel, ArcelorMittal Nippon Steel India (AMNS), JSW Group and Jindal Steel & Power (JSPL) together accounted for 55% of finished steel production – 72.49 million tons (+1.8% y/y).

Flat products accounted for 45% of India’s finished steel output, while long products and others accounted for 55%. In particular, the production of bars amounted to 57.03 million tons (+6.5% y/y), and hot-rolled coils – 49.1 million tons (+1.3% y/y).

As GMK Center reported earlier, India became a net importer of rolled steel in FY2023/2024. Last year, the country imported 8.3 million tons of rolled products (+38.1% y/y), while exports amounted to 7.5 million tons (+11.5% y/y). Steel consumption during this period increased by 13.4% y/y – to 136 million tons, reflecting strong demand for products.