According to provisional government data reviewed by Reuters, India's final steel imports for the April-June period fell by approximately 30% y/y to 1.4 million tons.
Among the main reasons for the decline was a significant decrease in shipments from China and Japan. Final steel imports from China decreased by 45.8% to 0.3 million tons, while shipments from Japan decreased sharply by 65.2% to 0.2 million tons. This decline serves as a strong indicator of how competitive prices and increasing protective measures in the region are affecting the import balance.
Preliminary data points to a sharp slowdown in India's import trends
The Indian government began imposing temporary customs duties of up to 12% on certain steel products in April, with the aim of reducing the pressure on domestic producers from cheap steel shipments from China. This measure played a decisive role in the decline in imports. The impact of these protective measures, particularly on hot-rolled flat products, was directly reflected in import figures.
Although South Korea remains the largest exporter of finished steel to India, shipments from that country also decreased by 6.5% to 0.5 million tons.
India remains a net importer
According to the data, India also experienced a 5.1% decrease in exports during the same period. Thus, the country maintained its position as a net steel importer in the first quarter of the 2024-2025 fiscal year. The leader in exports was Belgium from the European Union. Final steel exports to Belgium increased by 40.8%.
These developments highlight India's increasingly protectionist policy in steel trade, while the effects on the global supply chain are expected to become more evident in the coming quarters.
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