India increased rolled steel imports to a six-year high in April-December

India in April-December 2024 (9 months of 2024/2025 fiscal year) increased imports of rolled products to at least a six-year high of 7.27 million tons, up 20.3% year-on-year. Reuters reports this with reference to preliminary government data.

The country remained a net importer of rolled steel in the period under review. Exports of steel products from India in April-December fell by 24.6% y/y – to 3.6 million tons, which is at least a six-year low.

Demand for steel in India was high due to infrastructure and the automotive industry, while it was declining in foreign markets. Consumption of rolled steel in the country in April-December reached its highest level in six years, amounting to 111.25 million tons, up 11.2% year-on-year.

As a reminder, 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 in the period increased by 13.4% y/y – to 136 million tons, reflecting strong demand for products.

As GMK Center reported, last December, India was considering imposing a temporary safeguard duty on steel imports of up to 25% to limit the supply of cheap products from China. The purpose of the tax is to support local steel producers. The decision was expected to be made after the completion of an investigation by the Directorate of Trade Remedies of India.

To alleviate the concerns of small and medium-sized enterprises, large steel companies, including JSW Steel, Tata Steel, and ArcelorMittal Nippon Steel India, agreed to supply them with steel at reduced prices.