India’s finished steel imports from China reached a seven-year high in the first five months of the 2024/25 fiscal year, according to provisional government data reported by Reuters. Overall, India’s finished steel imports hit a six-year high, totaling 3.7 mln tons between April and August 2024, making the country a net importer during this period.
As the world’s second-largest crude steel producer, India has been consuming steel at an accelerated pace, driven by strong demand from the infrastructure and automotive sectors.
Imports from China surged 31.7pct YoY to 1.1 mln tons during the April-August period. China was India’s largest supplier of finished steel, followed by South Korea and Japan, primarily exporting stainless steel, galvanized steel, and plates.
Finished steel imports from Russia also hit a six-year high, with exports more than doubling YoY to 54,000 tons, making Russia the fifth-largest exporter to India.
Despite this surge in imports, India’s domestic steel prices fell in August, according to a report from the steel ministry. “Domestic rebar prices dropped in response to market challenges, including a supply-demand mismatch and falling offers,” the ministry noted.
However, domestic demand remained strong over the April-August period, with finished steel consumption reaching a seven-year high of 60.3 mln tons, up 13.8pct YoY. In contrast, exports of finished steel plummeted to a seven-year low, with volumes falling 39.6pct to 1.9 mln tons. Italy, the top destination for India’s finished steel exports, saw its imports drop 48.3pct YoY to 360,000 tons.
India’s crude steel production during this period rose 4.2pct YoY to 60.9 mln tons.
