India emerged as a net steel importer during the April-November period of FY25, despite notable shifts in export and import trends in November.
In the eight-month period of FY25, steel imports rose 27pct YoY to 6.5 mln tons, while exports fell 24pct YoY to 3.2 mln tons.
In November 2024, steel exports increased for the second consecutive month, jumping 71pct YoY to 0.4 mln tons. However, this marked a 10pct decline compared to October.
Steel imports, on the other hand, dropped 32pct YoY in November to 0.75 mln tons, the second straight month of decline this fiscal. This was down from 1.1 mln tons in November 2023 and represented a 28pct sequential decline from October.
Domestic steel consumption during the April-November period remained robust, rising 12.3pct YoY to 98 mln tons. The country’s finished steel production grew 5pct YoY to 95 mln tons.
