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India’s finished-steel imports declined by 34.1% year-on-year during April–October of FY26, falling to 3.8 million tonnes, according to provisional government data.
The country remained a net importer over the period, but export volumes increased markedly- exports rose 25.3% y/y to 3.5 million tonnes, with Italy, Belgium and Spain among the top destinations.
South Korea was the largest source of finished-steel imports to India in the period (about 1.4 Mt), followed by China, Japan and Russia. Domestic finished-steel production during April–October stood at 91.6 Mt while crude steel production was 95.7 Mt.
The government data noted subdued trading activity and price pressure domestically due to weak demand and high supply during the festival season. In response to earlier import surges, authorities had imposed a provisional safeguard duty of 12% on flat steel for 200 days; extension of that interim protection remains under consideration.
Taken together, the fall in imports and the rise in exports point to a shifting trade balance for finished steel driven by strong domestic output, targeted trade measures and growing overseas demand for certain grades of Indian steel.
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