In the first half of the FY2024-25 (April-September 2024), India became a net importer of steel with imports increasing by 41% y-o-y to 4.7 million tons. In contrast, steel exports declined by 36% y-o-y Y to 2.3 million tons.
In September, finished steel imports increased by 78% y-o-y to nearly 1 million tons, remaining flat compared to August. In September, steel exports increased by 16% y-o-y to 0.4 million tons, decreasing by 8% compared to September 2023.
The Indian Steel Ministry report highlighted that non-alloyed steel imports, which include HRC and CRC and are widely used in industries such as automotive, electricals, and capital goods, surged by 55% y-o-y in the first half of the fiscal year, reaching 3.5 million tons. In September, non-alloyed steel imports increased by 95% y-o-y to 0.7 million tons, declining by 3% compared to August.
Meanwhile, imports of alloyed steel and stainless steel increased by 13% y-o-y to 1.2 million tons in the first six months of FY2024-25. Imports in this category increased by 44% y-o-y and 20% compared to August to 0.3 million tons in September.
Domestically, steel demand continued to be strong, with consumption rising by 14% y-o-y to 73 million tons, compared to 64 million tons in the same period last year.
Finished steel production also increased by 5% y-o-y to reach 71 million tons for the first six months of FY2024-25. Private sector players accounted for approximately 86% of total steel production, with a 6% growth to 62 million tons. Public sector producers, including SAIL, NMDC Steel, and RINL, contributed 9-10 million tons.
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