India remains net steel importer despite 15% drop in Jan–Oct 2025 imports

India remained a net steel importer in January–October 2025 even as inbound shipments declined significantly, according to data compiled by BigMint. Total steel imports during the 10-month period are estimated at around 8 million tonnes, down about 15% year-on-year from a nine-year high in 2024, but still above exports of roughly 6.9 million tonnes.

The sharpest fall was seen in flat steel, where imports dropped 27% year-on-year to about 5.45 million tonnes. Stainless steel imports declined by around 10% to nearly 1.3 million tonnes, while imports of semis surged, driven largely by slab and semi-finished sourcing by a major integrated mill from its overseas subsidiaries.

Country-wise, inflows from key Asian suppliers China, South Korea and Japan fell markedly, with Chinese shipments more than halving on the year and arrivals from Korea and Japan sliding 4% and 24%, respectively. Imports from Vietnam and some other origins, however, registered an increase.

Analysts attribute the overall decline to a 12% safeguard duty on select products, anti-dumping measures on HRC and electrical steel, and tighter BIS/QCO quality rules, all of which have lifted landed costs and made buyers more cautious about import bookings. Exports, meanwhile, stayed broadly flat, shaped by US tariffs and EU pre-CBAM stocking behaviour.India remains net steel importer despite 15% drop in Jan–Oct 2025 imports