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India becomes net importer of finished steel

During the financial year 2023/24, India was a net importer of finished steel, according to government data.

India becomes net importer of finished steel

The country imported 8.3 million metric tons of finished steel from April to March, marking a 38.1% increase compared to the previous year.

Indian steel mills have urged the government to take action and implement safeguard measures against the surge in imports. However, the Ministry of Steel at the federal level has resisted these calls, pointing to strong domestic demand. As the world's second-largest producer of crude steel, India continues to shine on the global stage with robust demand from its construction and automotive sectors.

Steel consumption in India witnessed a significant 13.4% increase to reach 136 million metric tons during the period, reflecting strong demand in one of the world's fastest-growing economies. The country's steel demand is anticipated to remain sturdy, as the government predicts economic growth to outpace the global average in the upcoming fiscal year.

During the 2023/24 period, India's finished steel exports totaled 7.5 million metric tons, representing an 11.5% increase compared to the previous year. Crude steel output reached 143.6 million metric tons, marking a 12.9% increase from the previous year, according to data.

Finished steel output in 2023/24 amounted to 138.5 million metric tons, up by 12.4% compared to the previous year, as per the data.


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