According to data from the Indian authority, in the 2023-24 fiscal year ending March 31, India became the finished steel net importer. The imports hiked by 38% year on year to around 8.32 million tons, and the exports were 7.48 million tons, a year-on-year increase of 11.5%.

Meanwhile, the country’s crude steel production increased by 12.4% from the previous fiscal year to 138.48 million tons. The finished steel consumption amounted to 135.95 million tons, growing by 13.4% year on year.