India transitioned into a net importer of finished steel during the 2023/24 financial year that concluded on March 31, based on preliminary government data reviewed by Reuters. The data revealed that India imported 8.3 million metric tons of finished steel between April and March, marking a notable 38.1% increase compared to the previous year.
Amidst rising imports, Indian steel mills have urged for government interventions and protective measures to address the surge in inbound steel shipments. However, the Ministry of Steel at the federal level has refrained from imposing restrictions, emphasizing the robust domestic demand for steel.
Despite the import dynamics, India continues to shine as the world’s second-largest producer of crude steel, benefiting from strong demand in key sectors such as construction and automotive industries. Steel consumption in India surged by 13.4% to reach 136 million metric tons during the period, reflecting the buoyant demand for the alloy in one of the fastest-growing economies globally.
The outlook for India’s steel sector remains positive, with expectations of sustained robust demand as the government anticipates economic growth to outpace the global average in the upcoming fiscal year.
In terms of trade balance, India’s finished steel exports totaled 7.5 million metric tons in 2023/24, registering an 11.5% increase year-on-year. The country’s crude steel production reached 143.6 million metric tons, up by 12.9% compared to the previous year, while finished steel output stood at 138.5 million metric tons, reflecting a 12.4% increase.