India became a net importer of steel in May

For the first two months of the fiscal year, total imports reached 0.20 mt, marking a notable shift from the same period last year when India was a net exporter, according to a Ministry of Steel report.

In May, the import of finished steel was recorded at 0.55 mt, reflecting a 13% year-on-year increase from 0.49 mt. However, this was a 5% decrease from April's 0.59 mt. For the period of April-May FY25, imports rose by 20% year-on-year to 1.14 mt.

On the other hand, May saw finished steel exports at 0.43 mt, representing a 38% decline year-on-year. In the first two months, exports amounted to 0.94 mt, down 40% year-on-year. Sequentially, exports fell by 15% from April's 0.51 mt, compared to 0.70 mt in May 2023.

India’s major steel mills have reportedly halted their export offers to focus on the domestic market. Domestic steel consumption increased nearly 11% year-on-year, reaching 23.035 mt for April and May, up from 20.85 mt in the same period last year, according to the Ministry report.

Several mills announced a price hike of Rs 500 - 1,100 (USD 6-13.20) per tonne effective 1 June. Benchmark hot-rolled coil (HRC) export offers from Indian mills to Europe were around USD 275 per tonne, following the European Commission's 15% import cap on HRC exceeding existing quotas.