India remained a net importer of steel during the first four months of the current fiscal year, which began in April, with China emerging as its largest supplier, according to provisional government data. Between April and July, India imported 2.69 million tons of steel while exporting only 1.57 million tons, continuing a trend from the previous fiscal year that ended on March 31, 2024.
China accounted for the largest share of India's steel imports during this period, shipping approximately 807,000 tons. Japan and South Korea followed as the next biggest exporters of steel to India.
The influx of steel imports, particularly from China, has become a significant concern for leading Indian steelmakers such as JSW Steel and Tata Steel. Concerned about the rising imports, the Indian government recently initiated an anti-dumping investigation into some steel products imported from Vietnam.
This surge in imports, coupled with weak export activity, has led to a sharp decline in steel prices in India, hitting their lowest levels in over three years. Data from the period show that India’s crude steel production reached 48.8 million metric tons, while finished steel production stood at 47 million tons.
On the export front, Italy emerged as the largest buyer of Indian steel during the April-July period, followed by Belgium and the UK. Recently, the EU, Vietnam, and Turkey imposed anti-dumping duties on HRC exports from certain countries, including India. This is a concern for India, whose exports are already low.
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