Between April and September 2024, India became a net importer of finished steel, with imports rising by 42.2% year-on-year to 4.74 million tons, while exports dropped by 35.9% to 2.31 million tons. This shift marked a stark contrast to the same period in 2023 when India was a net exporter with 3.6 million tons of steel exports and 3.33 million tons of imports.

China led as the largest supplier to India, exporting 1.44 million tons, a 36.7% increase year-on-year, accounting for 30% of India’s steel imports.

South Korea followed with 1.24 million tons, up 11.5%. Imports from Japan and Vietnam saw substantial growth, increasing by 135.9% and 124% to 1.1 million and 430,000 tons, respectively.

Hot-rolled steel was the most imported product, making up about 44% of total imports, or 2.09 million tons, an 82.2% increase from last year.

The surge in Chinese steel exports to India has raised concerns among Indian steel producers over potential downward pressure on domestic spot prices.