India maintained its position as a net steel importer in April-September

In April-September 2024, India maintained its position as a net steel importer. During this period, steel imports increased by 42.2% on an annual basis to 4.74 million tons, while exports decreased by 35.9% to 2.31 million tons. This development differs from India's net exporter position in the same period of 2023 when it exported 3.6 million tons and imported 3.33 million tons.

China emerged as India's largest steel supplier, exporting 1.44 million tons of steel, a 36.7% increase compared to the previous year, accounting for 30% of India's total imports. South Korea ranked second with an increase of 11.5% to 1.24 million tons. Imports from Japan and Vietnam also increased by 135.9% and 124%, reaching 1.1 million tons and 430,000 tons, respectively.

Hot-rolled steel was the most imported product in India, accounting for 44% of total imports, with an annual increase of 82.2% to 2.09 million tons. This high rate of increase demonstrates the intense demand in the Indian market. This increase in steel imports, especially from China, is causing concerns among local producers that it will put pressure on prices.