India’s Finished Steel Imports Drop Sharply in April–October Period
New Delhi – India recorded a significant decline in finished steel imports during the April–October period of the current financial year, according to provisional government data. The figures show a 34.1% year-on-year drop, underscoring shifts in both domestic demand conditions and global supply dynamics.
The country imported 3.8 million metric tons of finished steel during the seven-month period. Despite the reduction, India remained a net importer of finished steel, reflecting steady consumption trends in key sectors.
South Korea emerged as the largest exporter of finished steel to India over these months. It shipped approximately 1.4 million metric tons, maintaining its strong trade relationship with the Indian steel industry.
China, Japan, and Russia followed as the next major suppliers, contributing notable volumes across various product categories. These long-standing trade partners continue to play a vital role in India’s steel import mix.
Within the domestic market, steel prices faced downward pressure across multiple segments. Government data highlighted that weak demand, combined with higher supply levels, contributed to price softness throughout the period.
Trading activity in many regional markets also slowed significantly. The ongoing festival season was cited as a factor, with market participants delaying fresh procurement until demand stabilises.
Earlier assessments this year indicated that several smaller steel producers were experiencing operational challenges. Lower demand and declining price realisations placed added pressure on margins for these producers.
On the export front, India saw a positive shift compared to the previous year. Finished steel exports rose by 25.3% to reach 3.5 million metric tons in the April–October period.
Italy and Belgium were among the top destinations for Indian steel exports. Spain also featured prominently as one of the key markets receiving higher volumes.
The increase in exports helped offset some of the weakness seen in the domestic pricing environment. Export demand from Europe and select Asian markets provided additional support to Indian steel producers.
India’s finished steel production reached 91.6 million metric tons during the period under review. Crude steel output was slightly higher at 95.7 million metric tons, reflecting strong production momentum.
Finished steel consumption within India also increased, rising 7.4% year-on-year to 92.2 million metric tons. The rise highlights continued infrastructure activity and robust off-take from construction and manufacturing sectors.
As the financial year progresses, market analysts expect consumption to remain stable. However, pricing trends may depend on recovery in industrial demand and global commodity movements.
Policymakers and industry stakeholders continue to monitor import patterns closely. With fluctuating global prices and competitive supply from Asia, India’s steel trade landscape remains dynamic.
For now, the reduction in imports signals a recalibration of supply flows in response to evolving domestic conditions. The coming months will indicate whether this trend continues or stabilises with seasonal demand improvement.
