India’s steel industry: Surge in imports amidst strong domestic demand

According to provisional government data, India emerged as a net importer of finished steel in the financial year 2023/24, concluding on March 31.

The data revealed a significant increase in finished steel imports, reaching 8.3 million metric tons between April and March, marking a notable 38.1% rise compared to the previous year.

While India’s steel mills have raised concerns and urged government interventions to counter the influx of imports, the Ministry of Steel has maintained its stance against imposing restrictions, citing robust local demand. As the world’s second-largest crude steel producer, India continues to shine with sustained demand from its construction and automotive sectors.

During the period, steel consumption in India surged by 13.4% to 136 million metric tons, indicating strong demand in one of the world’s fastest-growing economies. Forecasts suggest that India’s steel demand will remain robust, outpacing global economic growth in the upcoming fiscal year.

In the financial year 2023/24, India’s finished steel exports amounted to 7.5 million metric tons, witnessing an 11.5% increase year-on-year. Moreover, crude steel output rose to 143.6 million metric tons, up by 12.9% from the previous year.

The data also highlighted a significant increase in finished steel output, totaling 138.5 million metric tons in the financial year 2023/24, reflecting a robust 12.4% growth compared to the previous year.