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India's Steel Imports Plummet 34% Amidst Weak Demand
24 Nov
Summary
- Finished steel imports fell 34.1% in the first seven months.
- Steel prices face pressure from low demand and high supply.
- India's finished steel consumption increased by 7.4%.
India experienced a substantial 34.1% decrease in finished steel imports during the first seven months of the financial year, totaling 3.8 million metric tons. The country, a major global crude steel producer, continues to be a net importer of steel, with South Korea, China, Japan, and Russia being the primary exporters.
Domestically, the steel market faces challenges, with prices declining under the weight of weak demand and abundant supply. Trading activity remained subdued during the festival season, impacting even small producers. Conversely, India's finished steel exports increased by 25.3% year-on-year, finding major markets in Italy and Belgium.
Production of finished steel reached 91.6 million metric tons, with crude steel output at 95.7 million metric tons. Notably, finished steel consumption showed a healthy increase of 7.4%, reaching 92.2 million metric tons, signaling strong underlying domestic demand despite the import figures.
