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India imported 7.3 MT and exported 6.7 MT of finished steel in FY 2024-25.
Cheaper imports from Asia led to a trade deficit in finished steel.
Industry seeks policy intervention to counter rising foreign inflows.
India, one of the world’s top steel producers, has become a net importer of finished steel in FY 2024-25, according to official government data. This reversal from its usual export surplus underscores changing global dynamics and domestic challenges.
Total finished steel imports stood at 7.3 million tonnes, while exports were only 6.7 million tonnes, reflecting a net import position of 600,000 tonnes. The surge in imports was primarily driven by cheaper inflows from China, Vietnam, and South Korea, impacting domestic pricing and margins.
The rise in imports is also attributed to weak global demand, which led major exporting countries to divert surplus steel into price-sensitive markets like India. Simultaneously, Indian steelmakers faced logistical bottlenecks, slower export orders, and cost pressures on raw materials like coking coal.
Industry leaders have raised concerns and are urging for anti-dumping duties and trade safeguards to protect domestic players. The government, meanwhile, is evaluating policy responses to ensure a level playing field.
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