India's Rolled Steel Imports Surge to Six-Year High
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India's imports of rolled steel products have reached a six-year high, totaling 7.27 million tons during the first nine months (April-December) of the 2024/2025 fiscal year. This represents a 20.3% year-on-year increase, according to preliminary government data reported by Reuters.
This import surge has solidified India's position as a net importer of rolled steel during the reviewed period. Exports of steel products from India experienced a significant decline of 24.6% year-on-year, falling to 3.6 million tons—a six-year low.
Strong domestic demand, driven by infrastructure projects and the automotive industry, has fueled the rise in imports. Rolled steel consumption in India reached a six-year peak at 111.25 million tons, marking an 11.2% year-on-year increase.
This trend continues from the previous fiscal year (2023/2024), when India became a net importer of rolled steel. In that period, imports reached 8.3 million tons (a 38.1% year-on-year increase), while exports totaled 7.5 million tons (an 11.5% year-on-year increase). Steel consumption in 2023/2024 also saw robust growth, rising by 13.4% year-on-year to 136 million tons.
In response to concerns about the influx of cheaper imports, particularly from China, India considered imposing a temporary safeguard duty of up to 25% on steel imports in December 2024. This measure aimed to protect local steel producers. However, to address the concerns of small and medium-sized enterprises (SMEs), major Indian steel companies, including JSW Steel, Tata Steel, and ArcelorMittal Nippon Steel India, agreed to provide steel to SMEs at discounted prices.
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India's imports of rolled steel products have reached a six-year high, totaling 7.27 million tons during the first nine months (April-December) of the 2024/2025 fiscal year. This represents a 20.3% year-on-year increase, according to preliminary government data reported by Reuters.
This import surge has solidified India's position as a net importer of rolled steel during the reviewed period. Exports of steel products from India experienced a significant decline of 24.6% year-on-year, falling to 3.6 million tons—a six-year low.
Strong domestic demand, driven by infrastructure projects and the automotive industry, has fueled the rise in imports. Rolled steel consumption in India reached a six-year peak at 111.25 million tons, marking an 11.2% year-on-year increase.
This trend continues from the previous fiscal year (2023/2024), when India became a net importer of rolled steel. In that period, imports reached 8.3 million tons (a 38.1% year-on-year increase), while exports totaled 7.5 million tons (an 11.5% year-on-year increase). Steel consumption in 2023/2024 also saw robust growth, rising by 13.4% year-on-year to 136 million tons.
In response to concerns about the influx of cheaper imports, particularly from China, India considered imposing a temporary safeguard duty of up to 25% on steel imports in December 2024. This measure aimed to protect local steel producers. However, to address the concerns of small and medium-sized enterprises (SMEs), major Indian steel companies, including JSW Steel, Tata Steel, and ArcelorMittal Nippon Steel India, agreed to provide steel to SMEs at discounted prices.
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