The surge in imports has impacted the domestic market, with cheap imports reportedly contributing to a bearish market sentiment in India. This has raised concerns within the Indian steel industry, with Tata Steel's CEO warning that prolonged steel imports from China could negatively affect domestic investment plans. As a result, India has launched an anti-dumping investigation into certain steel imports from Vietnam.
Hot-rolled coil was the most significant steel product imported, accounting for 44% of the total finished steel imports. Alongside China, South Korea, Japan, and Vietnam also contributed to the rising imports. South Korea exported 1.2 million metric tons, an 11.5% increase, while Japan’s exports to India more than doubled, reaching 1.1 million metric tons. Vietnam also increased its exports, sending 0.4 million metric tons, a more than double increase compared to the previous year.
India's steel imports surged between April and September 2023, driven largely by shipments from China, which remained the largest supplier. During this period, India imported 4.7 million metric tons of finished steel, a 42.2% increase compared to the same period in the previous year. Of these, 1.4 million metric tons came from China, marking a 36.7% rise year-on-year.
Domestically, India’s finished steel production reached 70.6 million metric tons, a 4.7% increase from the previous year. However, finished steel exports declined by 35.9%, totaling 2.3 million metric tons, with Italy being the largest export market despite a 43.5% drop in shipments.
India's crude steel production for the same period rose by 3.6%, reaching 72.8 million metric tons, and finished steel consumption increased by 13.5%, totaling 72.7 million metric tons.
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