Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption
Provisional government data reveals that India's steel imports during the first nine months of the fiscal year ending in March reached a five-year high, turning the country into a net importer of finished steel. Economic activity and extensive infrastructure development have contributed to India's robust steel demand, making it a key market for both domestic and global steel producers. Unlike Europe and the United States, where steel demand is slowing down, India has seen a surge in steel consumption.
Between April and December, India imported 5.6 million metric tonnes of finished steel, marking a 26.4% increase from the previous year. During the same period, steel consumption in India, the world's second-largest crude steel producer, rose by 14.8% to a six-year high of 100 million metric tonnes.
India's strong steel demand is expected to persist as the government anticipates economic growth surpassing the global average in the next fiscal year. While steel mills in India have sought government interventions against rising imports, the Ministry of Steel has resisted implementing restrictions, citing robust local demand.
T.V. Narendran, CEO of Tata Steel, India's second-largest steel producer, expressed concerns about rising imports, emphasising the need for close monitoring to prevent potential harm to the profitability and investment plans of the domestic steel industry.
During April–December, South Korea emerged as the leading exporter of finished steel to India, shipping 1.77 million metric tons. China, the world's top steel producer, followed closely, with shipments reaching a six-year high of 1.75 million metric tonnes.
In contrast, India's finished steel exports during the same period were 4.7 million metric tonnes, the lowest in at least six years, reflecting subdued overseas demand. Crude steel output in India stood at 106.1 million metric tonnes, representing a 13.9% increase from the previous year.
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