India’s finished steel imports fell sharply in the first quarter of the financial year (April-June), declining nearly 29pct YoY to 1.4 mln tons, according to provisional government data cited by Reuters.
The steep drop follows the imposition of a 12pct temporary safeguard duty in April, aimed at curbing a surge in low-priced imports, particularly from China. As a result, steel shipments from China fell 45.8pct to 0.3 mln tons, while imports from Japan saw an even sharper decline of 65.2pct, totaling just 0.2 mln tons during the quarter.
South Korea remained India’s top steel supplier, although its shipments slipped 6.5pct to 0.5 mln tons.
Despite the drop in imports, India continued to be a net importer of finished steel, with exports declining 5.1pct YoY. Among export destinations, Belgium emerged as the leading buyer, with Indian shipments rising 40.8pct. Exports to the United States, Spain, and Nepal also grew, while volumes to Italy declined.
Galvanized plain and corrugated sheets or coils accounted for the largest share of India’s finished steel exports by volume.
On the domestic front, India’s crude steel output rose 11.2pct YoY to 40.6 mln tons, while finished steel consumption increased 7.9pct to reach 38.3 mln tons, reflecting steady demand growth within the country.
