As the world’s second-largest crude steel producer, India imported a total of 0.9 million metric tons of finished steel during the period. Steel imports from China dropped by 47.7% year-on-year to 0.2 million tons, while imports from Japan plunged 65.6% to 0.1 million tons.
To curb a surge in low-cost steel shipments—mainly from China—India imposed a 12% temporary tariff on select steel imports in April, a move locally referred to as a safeguard duty. The impact of this measure was clearly reflected in the import volumes.
During April–May, South Korea emerged as the top exporter of finished steel to India, with shipments rising 8.2% to 0.4 million metric tons. Combined, China, Japan, and South Korea accounted for 74.4% of India’s total finished steel imports. The most imported products were hot-rolled coils and strips.
India was a net importer of finished steel in the period, as exports declined 18.1% year-on-year to 0.8 million metric tons. The country's top exported products were galvanized plain or corrugated sheets and coils. Belgium became India’s largest export destination, with shipments increasing 12.4% to 0.15 million tons. Exports to Nepal and Spain also grew, while exports to Italy plunged 53.7%.
India’s finished steel consumption reached 25.1 million metric tons in April–May, up 7.1% from the same period last year. Crude steel production rose by 9.5% to 26.9 million metric tons.
These figures highlight robust domestic demand and production growth in India's steel sector, while also underscoring challenges on the export front. Authorities are banking on safeguard measures and rising consumption to help stabilize the market in the coming months.
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