India’s finished steel imports reached a record high in the first 10 months of the financial year that began in April, according to provisional government data reported by Reuters.
Steel imports totaled 8.3 mln tons between April and January, marking a 20.3pct increase from the previous year. India remained a net importer during this period, with rising imports continuing since the country turned a net steel importer in the 2023/24 fiscal year.
In December, New Delhi launched an investigation into imposing a temporary safeguard duty on steel imports. The government may introduce a 15pct-25pct import tax within six months to a year, India’s steel minister told Reuters.
Meanwhile, finished steel exports fell to a seven-year low of 4 mln tons in April-January, down 29pct YoY.
Domestic consumption, however, remained strong, reaching a seven-year high of 124.8 mln tons. Crude steel production during the period rose 4.5pct to 124.9 mln tons.
