India was a net importer of steel in Q1 FY25 (April to June), with imports exceeding exports by 0.6 mln tons. Finished steel exports declined consistently due to poor global demand and competition from China, while imports increased steadily.
According to a Steel Ministry report, finished steel imports stood at 1.9 mln tons in Q1 FY25, up 30pct YoY from 1.4 mln tons a year ago. In contrast, exports were 1.3 mln tons, down 38pct YoY from 2.1 mln tons in the same period last year.
Sequentially, steel imports in June were 0.55 mln tons, down 24pct from May’s 0.72 mln tons but up 14pct YoY from 0.5 mln tons. Exports in June were 0.34 mln tons, down 20pct from May’s 0.43 mln tons and 32pct YoY from 0.5 mln tons in June last year.
Finished steel production for April-June increased by 7pct YoY to 35.77 mln tons from 33.427 mln tons in the same period the previous year. Sequentially, production in June rose by 1.2pct to 12.1 mln tons from 11.923 mln tons in May, and it grew over 9pct YoY from 11.1 mln tons in June 2023. Finished steel consumption for Q1 FY25 was approximately 35.4 mln tons, up 15pct YoY from 30.833 mln tons in the same period last year. In June, finished steel consumption remained at May levels of 12 mln tons but grew 19pct YoY from 10 mln tons in June 2023.
