India was a net importer of steel during the first half (April-September) of the fiscal year 2024-25, according to a report of the Joint Plant Committee (JPC) under the ministry of steel, on Tuesday, October 8.
India’s steel imports during the first half of the fiscal 2024-25 were provisionally estimated at 4.7 million mt, up 41 percent over the corresponding period of the previous fiscal year, while exports were recorded at 2.3 million mt, down 36 percent year on year, data from the report showed.
India had been a net exporter of steel during the April-September period of the fiscal year 2023-24, exporting 3.6 million mt and importing 3.3 million mt, according to the report.
According to the report, there is pressure from imports, especially from China and South Korea. But on a sequential or month-on-month basis, the rate of growth of imports is manageable as it is in low single-digit numbers. On the positive side, there have been substantial improvement in exports sequentially. Some firming up of prices in China is being seen, which is a positive if it plays out in the long run.
In September this year, finished steel imports totaled around 1 million mt, up 78 percent compared to the corresponding month of the previous year, but almost the same as in August 2024.
Exports in September this year were recorded at 0.4 million mt, up 16 percent over August, but eight percent lower than in September 2023, the report said.
