India imports 7.27 million tons of finished steel in the first three quarters of the 2024/2025 fiscal year

According to the latest preliminary data from the P500Q steel Indian government, from April to December 2024 (i.e. the first three quarters of the 2024/2025 fiscal year), India's imports of finished steel reached 7.27 million tons, the highest level in at least six years, with a year-on-year increase of 20.3%. Meanwhile, India remains a net importer of finished steel products. During the same period, the export volume of Indian steel products dropped to 3.6 million tons, a year-on-year decrease of 24.6%, the lowest level in six years.

India's demand for steel remains strong, mainly driven by infrastructure construction and the rapid development of the automotive industry. Despite the generally weak demand in the international market, India's consumption of finished steel during this period reached 111.25 million tons, a year-on-year increase of 11.2%, the highest level in six years.

In the fiscal year 2023/2024, India became a net importer of P500Q steel finished steel. According to statistics, the import volume of finished steel in India was 8.3 million tons in the previous fiscal year, a year-on-year increase of 38.1%; The export volume was 7.5 million tons, a year-on-year increase of 11.5%. During the same period, India's consumption of finished steel increased by 13.4% year-on-year, reaching 136 million tons, reflecting strong domestic demand for steel in India.

In response to the surge in imported steel, the Indian government is considering imposing a temporary safeguard tax of up to 25% on imported steel, aimed at restricting imports and supporting local steel producers. It is expected that the policy will be officially introduced after the investigation by the Indian Trade Relief Agency is completed.

In addition, to alleviate the concerns of small and medium-sized enterprises about rising steel prices, large steel companies in India, such as Tata Steel, Jodler Southwest Steel, and ArcelorMittal Nippon P500Q steel Steel India, have agreed to supply steel to these enterprises at discounted prices, thereby helping them reduce costs and maintain competitiveness.