India increased rolled steel imports by 42.2% y/y in April-September

India increased imports of rolled products by 42.2% y/y – to 4.7 million tons in the first half of the 2024/2025 fiscal year (April-September). This is according to preliminary government data, Reuters reports.

Hot-rolled coils became the largest import item in the country in the period under review, accounting for 44% of total rolled steel supplies.

In April-September, China exported 1.4 million tons of steel to India, up 36.7% year-on-year. Chinese steelmakers supplied stainless steel, hot-rolled coils, electrical sheet, pipes, rods and bars, etc. to the Indian market.

In the first half of the current fiscal year, South Korea increased steel exports to India by 11.5% y/y – to 1.2 million tons, while Japan doubled its exports to 1.1 million tons.

According to the government, cheap imports support negative sentiment in the country’s market.

Exports of rolled steel products from India in April-September decreased by 35.9% year-on-year – to 2.3 million tons. Italy became the largest export market for Indian steelmakers in the period, but supplies to this country fell by 43.5% y/y – to 0.4 million tons.

Domestic production of rolled steel in India in the first half of FY2024/2025 amounted to 70.6 million tons (+4.7% y/y).

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