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India’s finished steel imports hit a 9-year high at 7.5 million tonnes in FY 2024-25.
Global exporters, led by China and Vietnam, offered 10-12% cheaper rates amid tariff uncertainty.
Domestic mills demand policy review to protect market stability and local industry.
India’s steel imports have surged to their highest level in nine years as bargain-priced shipments from global suppliers flood the market. According to recent provisional data from the Steel Ministry, finished steel imports crossed 7.5 million tonnes in FY 2024-25, marking a significant 38% jump from the previous fiscal year.
Industry insiders attribute the surge to aggressive pricing by international mills, particularly from China, Vietnam, and South Korea, whose exports to India have undercut domestic prices by up to 12% amid ongoing global trade tensions and tariff uncertainties. Indian buyers, facing volatile local prices and tight margins, have capitalized on cheaper overseas offers.
The sharp increase in imports has raised concerns among domestic steel producers, who have urged the government to review trade policies and safeguard measures. “Unchecked imports at these prices could disrupt market stability and hurt domestic capacity utilization,” said an industry executive.
The government is reportedly monitoring the situation closely and is expected to review existing safeguard duties and trade barriers in the coming months.
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