India has remained a net importer of steel during the first four months of the fiscal year beginning in April, with China emerging as the largest supplier. Provisional government data indicates that India imported 2.69 million metric tons of steel while exporting only 1.57 million tons in the same period.
As the world’s second-largest crude steel producer, India shifted to being a net importer in the fiscal year ending March 31, 2024, a trend that has continued with increasing imports from China. From April to July, China exported approximately 807,000 tons of steel to India, followed by Japan and South Korea.
Leading Indian steel manufacturers, including JSW Steel and Tata Steel, have expressed concerns over the rising imports, prompting the government to initiate an anti-dumping investigation into specific steel products imported from Vietnam.
Steel prices in India have fallen to their lowest levels in over three years, attributed to the surge in imports and a decline in exports, according to commodities consultancy BigMint. During the same period, India’s crude steel production reached 48.8 million metric tons, while finished steel production was recorded at 47 million tons.
Italy was the largest importer of Indian steel during this timeframe, followed by Belgium and the United Kingdom.