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According to the latest industry data released by the Joint Factory Council (JPC) of India A516 Grade 60 steel, the steel industry in India showed significant domestic demand driven characteristics in February 2025. The crude steel production for the month reached 12.47 million tons, a year-on-year increase of 4.7%. It is worth noting that the consumption of finished steel has climbed to 12.43 million tons at a year-on-year growth rate of 11.2%, demonstrating the strong demand resilience of the domestic market in India.
On the import and export trade side, India's steel trade is undergoing structural adjustment due to the combined effects of multiple factors A516 Grade 60 steel. Data shows that the import volume of finished steel in February decreased by 28.9% year-on-year to 607000 tons, while the export volume sharply decreased by 60% year-on-year to 410000 tons. This significant fluctuation is mainly due to the "high base effect" formed by the 28.8% increase in imports and 78.4% increase in exports during the same period in February 2023.
The sustained contraction of imports is closely related to India's industrial protection policies. After the expiration of foreign certification by the Bureau of Indian Standards (BIS) in November 2024, some Chinese steel mills lost their eligibility to export hot-rolled coils, directly leading to supply chain restructuring. The latest trade data shows that South Korea has replaced China as the largest supplier of finished steel to India, with exports to India accounting for 29% between April 2024 and January 2025. In addition, the import flat steel guarantee investigation launched in December 2024 further strengthened the trade barrier effect, and India achieved a cumulative net import of 4.58 million tons in the first 11 months of this fiscal year (April 2024 February 2025).
The sustained weakness in the export market highlights the structural adjustment of global demand. Since December 2024, India's finished steel exports have been declining year-on-year for three consecutive months, with the decline expanding to 60% in February 2025. According to segmented market data, the traditional main market demand in Europe has significantly shrunk: exports to Belgium have decreased by 27.2%, exports to Italy have halved by 49.3%, and the Spanish market has also shrunk by 26.4%. Starting from next month, Europe A516 Grade 60 steel will implement stricter import steel quota policies, with India's hot coil quota reduced by 23%, and it is expected that India's steel exports will continue to weaken.
