India’s steel imports reached 1.3 mln tons in the first two months (April and May) of FY25, up 37pct YoY, surpassing exports, which stood at 0.94 mln tons, down 40pct YoY. This shift underscores India’s position as a net steel importer, driven by a steady increase in shipments from China.
“Flat products accounted for 95pct of imports, rising 42pct, while non-flat imports decreased by 8.9pct. Conversely, flat product exports, which make up 87pct of the export basket, fell by over 42pct, and non-flat exports declined by 11pct,” according to a Ministry report.
China has become the largest steel supplier to India, overtaking traditional markets like Japan and Korea. Chinese shipments in April and May increased 79pct YoY to 410,000 tons, valued at USD 482 mln, a 62pct rise. Sources noted that Chinese shipments remained elevated even in 2023.
Nearly 43pct of the shipments from China comprised alloy and stainless steel, totaling 174,000 tons, while the remaining 233,000 tons included steel plates, bars and rods, galvanized corrugated sheets, and galvanized pipes.
In the export segment, Europe remains a dominant market for Indian steelmakers, though it is experiencing a slowdown due to global economic headwinds. Key buyers Italy and Spain saw shipments decline by 49pct YoY to 220,000 tons and by 60pct to 51,000 tons, respectively. The UK, however, saw a 25pct increase in exports to 130,000 tons, while shipments to Belgium remained nearly flat at 130,000 tons. Shipments to the UAE, where India faces stiff price competition from Chinese players, dropped by 46pct to 50,000 tons.
