India’s Finished Steel Imports Fall 34% in April–October Amid Weak Domestic Demand
India’s finished steel imports dropped sharply by 34.1% year-on-year to 3.8 million metric tons in the first seven months of the financial year, according to provisional government data reviewed by Reuters. Despite being the world’s second-largest crude steel producer, the country remained a net importer of finished steel during the April–October period.
South Korea emerged as the top exporter to India, supplying 1.4 million metric tons, followed by China, Japan and Russia. Domestically, steel prices continued to face downward pressure due to sluggish demand and high supply, while trading activity slowed during the festival season. Small steel producers have been particularly impacted, grappling with weak market conditions and declining prices.
On the export front, India shipped 3.5 million metric tons of finished steel during the same period, marking a 25.3% increase year-on-year. Italy and Belgium were the largest buyers of Indian steel, with Spain following closely. Finished steel consumption rose 7.4% to 92.2 million metric tons, while crude steel and finished steel production stood at 95.7 million and 91.6 million metric tons respectively.
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