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According to preliminary data recently released by the Joint Steel Works Council (JPC) of India PT480GH steel, the production and trade situation of the Indian steel industry in November 2024 showed some positive growth trends, while import and export data showed some fluctuations.
In November 2024, India's crude steel production was 12.04 million tons, an increase of 1.6% year-on-year. This growth is due to the increase in domestic demand. Specifically, the domestic demand for finished steel in November was 12.38 million tons, an increase of nearly 10% compared to the same period in 2023. Driven by the increase in demand, the production of finished steel also increased by 4.4% year-on-year, reaching 11.85 million tons.
Although domestic demand in India has increased, there has been a clear differentiation in the import and export of finished steel products in India. In November, the import volume of finished steel decreased by 31.5% year-on-year, to about 745000 tons; The export volume of finished steel increased significantly, reaching 400000 tons, a year-on-year increase of nearly 71%. According to JPC data, the fluctuation in import and export data this time is mainly due to the severe fluctuations in India's steel PT480GH steel imports and exports in November 2023. The import volume of finished steel increased significantly in the same period last year, while exports declined. The trade flow in November 2024 showed a trend opposite to the same period last year.
From April to November 2024, India's crude steel production accumulated 97.45 million tons, a year-on-year increase of 3.3%. During the same period, the production of finished steel was 94.66 million tons, a year-on-year increase of 4.6%. This data indicates that the Indian steel industry is showing an overall growth trend, especially in the production of finished steel products.
However, the performance of imports and exports differs. During this period, India's imports of finished steel increased by 26.6% year-on-year, reaching 6.51 million tons. However, the export volume of finished steel has decreased, by 23.6% year-on-year, to 3.15 million tons. This difference indicates that India's steel demand is gradually becoming dependent on the domestic market, despite a decrease in export volume, the demand in the domestic market remains strong.
Due to the sustained increase in imports and the impact on local steel producers in India, the Indian Ministry of Steel proposed a 25% safeguard tax on certain imported steel products in early December 2024. This measure aims to protect India's domestic steel industry from the impact of excessive imports, especially in the context of growing PT480GH steel market demand and increased production capacity, where imports may face restrictions in the future.
