Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
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.
Also Read : Budget 2024: Steel industry welcomes import tariff cuts, sustained infrastructure drive Iron ore prices dropped after 4 months of growth in Jan
Leading metals companies in China, including the country's official iron ore buyer, are debating the...
China 03-May-2024
Finance Minister Nirmala Sitharaman on Thursday said the government and the Reserve Bank are activel...
Announcement 25-Jan-2024
India's federal Ministry of Steel has no immediate plans to seek higher taxes on imported steel even...
Taxation 11-Jan-2024
✅ Steel Ministry Secretary to meet AP CM on March 31 for VSP revival talks.✅ Focus on operational...
Announcement 18-Mar-2025
According to a new study by the Centre for Social and Economic Progress (CSEP), India will see a sub...
Raw Material 07-Jun-2024
Tata Steel anticipates challenges in its European operations to impact its net profit for the third...
Large Corporate 24-Jan-2024