India’s finished steel imports hit a five-year high in the first two months of the fiscal year 2024-25 starting in April, maintaining the country’s status as a net importer, according to provisional government data reported by Reuters.
Steel demand in India, the world’s second-largest crude steel producer, remains robust, driven by strong construction and automotive sectors. Between April and May, India imported 1.1 mln tons of finished steel, a 19.8pct increase from the previous year.
During April and May, India’s finished steel consumption surged by 10.5pct to a six-year high of 23 mln tons, reflecting buoyant demand in one of the world’s fastest-growing economies.
In the previous fiscal year ending in March, India was a net importer of finished steel, importing 8.3 mln tons, a 38.1pct increase from the prior year. Meanwhile, India’s finished steel exports fell to their lowest in at least six years, totaling 0.9 mln tons between April and May, down 39.6pct YoY.
