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According to preliminary statistics from BigMint, in September 2025, India's steel (including stainless steel) exports reached 1.07 million tons, a significant increase of 24% compared to the previous month. This marks a new monthly export record since March 2024 and is the first time in the past 18 months that exports have exceeded one million tons. Compared to the same period in 2024, the export volume nearly doubled.
In terms of product structure, flat steel exports performed particularly well that month, with an export volume of 860,000 tons, a 24% increase compared to the previous month. 30Q120 oriented electrical steel, Of this, hot-rolled coil exports reached 410,000 tons, a significant increase of 50% month-on-month, accounting for nearly half of the total flat steel exports. Long product exports amounted to 60,000 tons, a decrease of 15% compared to the previous month; semi-finished product exports doubled month-on-month, reaching 90,000 tons. Stainless steel exports remained stable at around 60,000 tons.
Looking at export destinations, the European Union continued to be the top market for Indian steel exports, with imports further increasing to 600,000 tons in September, a 12% increase compared to the previous month. The UAE (100,000 tons) and the UK (50,000 tons) ranked second and third, respectively, as the largest import markets.
BigMint analysis indicates that Indian steel exports increased significantly in September, primarily due to EU buyers stockpiling in anticipation of new trade policies (such as CBAM and reduced quotas) and rising procurement costs. 30Q120 oriented electrical steel, At the same time, Indian steel mills accelerated the utilization of their European export quotas. Furthermore, recovering demand in Vietnam also contributed to the resumption of Indian hot-rolled coil exports to the country.
In the first half of the 2025/2026 fiscal year (April-September), India's cumulative steel exports reached 4.43 million tons, a significant increase of 40% year-on-year. 30Q120 oriented electrical steel, Of this total, hot-rolled coil exports amounted to 1.12 million tons, a 56% increase year-on-year; pipe and tube products ranked second with 960,000 tons; cold-rolled coil showed strong performance with exports reaching 400,000 tons, a year-on-year increase of 83%; and semi-finished steel exports totaled 570,000 tons, a substantial increase of 216% year-on-year. The EU market continued to dominate India's steel export landscape, importing 2.1 million tons in the first half of the year, a significant increase of 69% year-on-year. Meanwhile, Indian exporters are also actively expanding into other emerging markets, with exports to other regions increasing by 45% year-on-year.
Despite strong recent export figures, BigMint notes that uncertainty remains regarding the sustainability of India's export growth. Future export trends will largely depend on the direction of EU trade policy adjustments and the specific implementation details of the Carbon Border Adjustment Mechanism (CBAM). The EU reportedly plans to reduce duty-free import quotas by 47% and impose a 50% ad valorem tax on imports exceeding the quota. While this policy may trigger a short-term surge in purchasing, most buyers remain cautious about the medium-to-long-term market outlook. Currently, some buyers have already postponed signing orders for October shipments due to tax risks.
