India, the world’s second-largest crude steel producer, experienced a surge in steel imports reaching a six-year peak in the first 10 months of the fiscal year ending in March, as indicated by provisional government data disclosed to Reuters on Tuesday.
Buoyed by robust demand from the construction and automotive sectors, steel consumption in India soared by 14.5% to reach a six-year high of 112.5 million metric tons during the period, underscoring the country’s position as one of the fastest-growing economies globally.
The Indian government anticipates continued strong demand for steel, projecting economic growth to outstrip the global average in the upcoming fiscal year.
Between April and January, India imported 6.7 million metric tons of finished steel, marking a 35% increase from the previous year. Despite appeals from domestic steel mills for government intervention to address the surge in imports, the Ministry of Steel has refrained from imposing restrictions, citing the robust local demand.
China emerged as the leading exporter of finished steel to India during the aforementioned period, shipping 2.18 million metric tons, an 80% surge from the previous year, reaching a six-year high. The primary exports from China included hot-rolled and cold-rolled steel products, as well as galvanized plain and corrugated sheets, plates, and pipes.
South Korea followed as the second-largest exporter, with shipments reaching a four-year high of 2.15 million metric tons during the period.
Meanwhile, India’s exports of finished steel amounted to 5.5 million metric tons between April and January, marking a 3.6% increase from the previous year. The country’s crude steel output also witnessed a notable uptick, standing at 119 million metric tons, reflecting a 13.5% increase year-on-year.
