India turns net importer of finished steel in April as imports jump 31% – Firstpost

India turned a net importer of finished steel in April as imports outpaced exports, according to provisional government data reviewed by Reuters. The development highlights growing inflows of cheaper overseas steel into the Indian market even as domestic demand and production continue to rise.

India imported 0.7 million metric tonnes of finished steel in April, marking a sharp 30.8 per cent increase compared with the same period last year. In contrast, finished steel exports stood at 0.5 million tonnes, up 24.9 per cent year-on-year. The gap between imports and exports pushed the country into net importer status for the month.

The data showed that China, South Korea, Japan, Vietnam and Russia were among the largest exporters of finished steel to India during April. Rising imports from Asian steel-producing nations have become a growing concern for domestic manufacturers, who have repeatedly flagged the issue of low-cost shipments affecting local industry margins and competitiveness.

At the same time, India’s domestic steel demand remained strong. Finished steel consumption rose 8.2 per cent year-on-year to reach 13 million tonnes in April, reflecting continued demand from infrastructure, construction and manufacturing sectors.

India’s crude steel production also registered growth during the month. Output increased 3.9 per cent from a year earlier to 13.8 million tonnes, underlining the country’s expanding industrial activity and capacity additions in the steel sector.

On the export side, shipments to the United Arab Emirates and the United Kingdom witnessed growth, while exports to Belgium and Italy declined during the month, according to the data.

India is currently the world’s second-largest crude steel producer and one of the fastest-growing steel markets globally. However, rising imports, particularly from China and other Asian economies, continue to pose challenges for domestic producers amid fluctuating global prices and concerns over oversupply in international markets.