India’s Steel Imports Surge 78% as Exports Hit 7-Year Low

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India’s Steel Imports Surge 78% as Exports Hit 7-Year Low

Business 05 Mar 2025 04:41 PM IST deccanchronicle

India’s steel industry is facing a major shift as imports from China, Japan, and South Korea surged by 78%, reaching a record high in the April-January period of this fiscal year. At the same time, steel exports have dropped to their lowest level in seven years, raising concerns among domestic producers.

Imports Outpace Domestic Supply

According to industry data, India imported 8.29 million tonnes of finished steel during this period, making it a net importer for the second consecutive year. The surge in imports is primarily driven by cheaper steel from China, which accounts for the majority of inbound shipments. South Korea and Japan, both having free trade agreements (FTAs) with India, also contributed significantly to the rise.

Exports Decline Amid Global Slowdown

While imports surged, India’s steel exports fell by 28.9% to 3.99 million tonnes, marking the lowest level in seven years. Sluggish global demand and protectionist policies in key export markets have further restricted outbound shipments.

Industry Concerns & Calls for Action

Domestic steelmakers are increasingly worried about the flood of low-cost imports undercutting local production. Industry leaders have urged the government to impose safeguard duties or anti-dumping measures to protect Indian manufacturers from unfair competition. The sharp drop in exports has also raised questions about the need for better trade policies to ensure competitiveness in the global market.

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