India's finished steel imports hit a six-year high during the April-December 2024 period. Provisional government data revealed that imports during this period increased by 20.3% y-o-y, reaching 7.27 million tons.
Exports, however, painted a contrasting picture. India’s finished steel exports plummeted by 24.6% to 3.6 million tons, marking the lowest level in six years. Detailed trade data by country is expected to be released later this month.
China played a significant role in the increase in India’s steel imports. Shipments from China, the world’s largest steel exporter, broke records in the April-November 2024 period, with China’s total annual steel exports increasing by 22.7% to 110.72 million tons. This was the highest export volume since 2015.
To address the rising import pressures, India initiated a review in December 2024 to evaluate the need for safeguard duties or temporary tariffs aimed at controlling unrestrained steel imports.
On the domestic front, strong demand has propelled steel consumption to record highs. India’s finished steel consumption during April-December 2024 increased by 11.2% y-o-y to 111.25 million tons. This growth was driven primarily by robust demand from infrastructure projects and the automotive sector, highlighting the resilience of domestic markets despite signs of slowing international demand.
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