India increases steel imports to 7-year high in April-October

India has increased its imports of rolled steel products to a 7-year high of 5.7 million tons since the beginning of the 2024/2025 fiscal year (April-October 2024). This is evidenced by preliminary government data, according to Reuters.

The world’s second largest steel producer continues to maintain its status as a net importer of steel, which was formed in fiscal year 2023/2024.

China is the key supplier of rolled steel to the Indian market. High demand for steel is driven by the automotive and infrastructure sectors. Steel consumption in the period reached a 7-year high of 85.7 million tons. At the same time, the country’s Ministry of Steel is advocating the introduction of protective tariffs or taxes to curb the rapid growth of imports.

India’s steel exports in April-October 2024 showed the opposite trend, falling to a 7-year low of 2.8 million tons. Rolled steel production reached 82.7 million tons, up 4.4% y/y, and steel output was 84.9 million tons (+3% y/y).

As GMK Center reported earlier, India increased its imports of rolled steel by 42.2% y/y in April-September to 4.7 million tons. Hot-rolled coils were the largest imported item in the period, accounting for 44% of total rolled steel supplies. Exports of rolled steel products from India in April-September decreased by 35.9% year-on-year – to 2.3 million tons.

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% yoy), while exports amounted to 7.5 million tons (+11.5% y/y). Steel consumption increased by 13.4% y/y – to 136 million tons over the period, reflecting strong demand for the products.