India became a net importer of steel during the April-July period, as a surge in Chinese steel imports intensified pressure on the domestic market and exports, according to a report by the Steel Ministry.
Finished steel imports reached 2.7 mln tons in the first four months of FY25, marking a 32pct YoY increase, while steel exports fell to 1.6 mln tons, a 41pct YoY decline.
The report highlighted that global steel prices continued to decline in July, driven by both local and global factors. In India, China, the US, and the European Union, most finished steel products experienced both month-on-month and YoY price drops, with a few exceptions.
Chinese steel imports into India stood at nearly 0.8 mln tons, a 42pct YoY increase from 0.57 mln tons in the same period last year. China accounted for 30pct of India’s steel imports, making it the largest supplier. Of these imports, stainless and alloy steel constituted 47pct or 0.3 mln tons, with the remaining 53pct or 0.5 mln tons being non-alloyed steel.
South Korea was the second-largest steel supplier to India, with 0.787 mln tons. Other major exporters included Japan, Vietnam, and Taiwan.
India’s steel exports witnessed a decline across all five key markets. In the European Union, shipments to Italy, Belgium, and Spain saw YoY declines of 49pct, 5pct, and 57pct, respectively, during the first four months of FY25. Exports to Italy dropped to 0.312 mln tons as compared to 0.62 mln tons in the same period in FY24. Indian steel exports to Belgium decreased to 0.19 mln tons from 0.21 mln tons and to Spain fell to 0.108 mln tons from 0.249 mln tons.
Shipments to the UK decreased by 4pct YoY to 0.159 mln tons, while exports to Nepal plummeted by 57pct YoY to 0.113 mln tons, down from 0.26 mln tons a year ago. The UAE also saw a 44pct decline in Indian steel shipments to 0.104 mln tons, compared to 0.189 mln tons in the same period last year.
