India remained a net importer of finished steel during the April to November period, with imports rising 26.6pct YoY to 6.5 mln tons, while exports declined by 23.6pct to 3.154 mln tons.
China dominated India’s steel imports, accounting for nearly one-third of all shipments. Imports from China rose by nearly 23pct YoY during the period to nearly 2 mln tons, compared to 1.6 mln tons in the same period last year. The increase was driven largely by categories such as stainless steel, alloyed offerings (0.7 mln tons), and other finished steel products like plates, electrical sheets, and coated galvanized coils. In many of these categories, China surpassed Japan as a key supplier.
Imports from Japan also saw a significant surge, doubling YoY to 1.4 mln tons from 0.7 mln tons. Other major import sources included Korea, Indonesia, and Vietnam. Notably, Vietnam, which was once a major export market for India, has now become a significant importer.
Indian steelmakers have raised concerns over this trend, alleging that China is leveraging free trade agreements (FTAs) with other Asian countries to reroute its steel into India. Reports suggest that China has been setting up or investing in facilities in FTA nations with surplus steelmaking capacities, enabling it to dump cheaper steel into the Indian market.
Meanwhile, Indian steel exports continued to face challenges, particularly in Europe. Shipments to Italy and Spain dropped by 22pct and 32pct, respectively, while exports to the UK and Belgium remained steady. The UAE, once a significant market for Indian steel, no longer ranks among the top five export destinations, with Indian steelmakers losing ground to cheaper Chinese offerings.
