India became a net steel importer in the first half of FY25, ending September 30, 2024, with steel imports rising 41pct YoY to 4.7 mln tons, while exports dropped 36pct YoY to 2.3 mln tons, according to a Steel Ministry report.
“Imports, especially from China and Korea, are still a concern, but the month-on-month growth rate is manageable at low single digits. On the upside, there has been a sequential improvement in exports, and price stabilization in China could be a positive long-term trend,” the report said.
In September, finished steel imports reached 1 mln tons, up 78pct YoY but flat compared to August. Exports for the month increased 16pct from the previous month to 0.4 mln tons, though they were down 8pct YoY.
Non-alloy steel imports surged over 55pct YoY to 3.5 mln tons in the first half, with a 95pct YoY increase in September to 0.7 mln tons, though this was 3pct lower than the previous month. Alloy and stainless steel imports also rose 13pct YoY to 1.2 mln tons, with a 44pct YoY increase in September.
Domestic steel consumption remained strong, rising 14pct YoY to 73 mln tons, while finished steel production grew 5pct YoY to 71 mln tons.
