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In the first half of the 2024 fiscal year, India S960Q Grade D steel will transition from being a net exporter of finished steel products last year to a net importer
According to the latest data from the Joint Factories Council (JPC) of India, India became a net importer of finished steel from April to September 2024 (the first half of India's 2024 fiscal year), with imports reaching 4.74 million tons, a year-on-year increase of 42.2%, while exports were 2.31 million tons, a year-on-year decrease of 35.9%. In contrast, from April to September 2023, India was a net exporter with an export volume of 3.6 million tons and an import volume of 3.33 million tons.
In the first half of the 2024 fiscal year, China will be the largest supplier of finished steel to India
From April to September 2024, China ranked as the largest supplier of imported steel to India with a supply of 1.44 million tons, a year-on-year increase of 36.7%, accounting for 30% of India's import market share; South Korea S960Q Grade D steel ranked second with 1.24 million tons, a year-on-year increase of 11.5%. Japan and Vietnam are the fastest growing suppliers, with imports reaching 1.1 million tons and 430000 tons respectively, a year-on-year increase of 135.9% and 124%. Among imported products, hot-rolled coils/strips have the highest proportion, with an import volume of 2.09 million tons, accounting for about 44% of the total import volume, a year-on-year increase of 82.2%.
3. There has been a significant increase in the quantity of imported finished steel products from China, and there has been a noticeable decrease in demand from destination countries
The significant increase in imports of Chinese S960Q Grade D steel has raised concerns among Indian steel manufacturers about spot prices. At the end of September 2024, India initiated an anti-dumping investigation into cold-rolled non oriented electrical steel (CRNO) imported from China. At the same time, the export of finished steel mainly declined due to a decrease in exports to Europe, with exports to Italy, Belgium, and Spain dropping to 410000 tons, 270000 tons, and 170000 tons respectively, a year-on-year decrease of 43.5%, 15.0%, and 39.9%.
