India鈥檚 Finished Steel Imports Hit Record High from China and Japan
05 Mar 2025
2 Min Read
CW Team
India's finished steel imports from China, South Korea, and Japan soared to a record high in the first ten months of the financial year 2024鈥�25, according to provisional government data accessed by Reuters.
As the world鈥檚 second-largest crude steel producer, India witnessed surging finished steel shipments during April鈥揓anuary, making it a net importer of steel during the period.
Surging Steel Imports from Key Asian Exporters
South Korea emerged as India鈥檚 largest steel supplier, with imports rising 11.7% year-on-year to 2.4 million metric tons.
China followed closely, exporting 2.3 million metric tons, marking a 3.4% year-on-year increase.
Japan recorded the most significant surge, with shipments jumping 88.6% year-on-year to 1.8 million metric tons.
Indonesia also saw a sharp rise, with steel exports to India tripling to 0.3 million metric tons.
Collectively, China, South Korea, and Japan accounted for 78% of India鈥檚 total finished steel imports.
India Considers Protectionist Measures Amid Rising Imports
In response to rising steel imports, India's Steel Ministry has urged the Ministry of Finance to double the basic customs duty on imported finished steel products from 7.5% to 15% in the upcoming Union Budget 2025鈥�26.
Additionally, in December 2024, the government launched an investigation to assess the need for a safeguard duty or temporary tax to curb uncontrolled steel imports.
Last month, Steel Minister H.D. Kumaraswamy hinted at the possibility of imposing a safeguard duty of 15% to 25% on steel imports to protect domestic manufacturers from excessive foreign inflows.
Steel Exports Plummet to a Seven-Year Low
While imports surged, India鈥檚 finished steel exports plummeted to their lowest levels in at least seven years during April鈥揓anuary.
Exports to Italy, India鈥檚 largest export destination, nearly halved.
Shipments to Belgium, Nepal, and Spain also declined significantly.
The rising steel imports, coupled with weakening exports, raise concerns over domestic industry competitiveness, price stability, and India鈥檚 steel trade balance.
India's finished steel imports from China, South Korea, and Japan soared to a record high in the first ten months of the financial year 2024鈥�25, according to provisional government data accessed by Reuters.
As the world鈥檚 second-largest crude steel producer, India witnessed surging finished steel shipments during April鈥揓anuary, making it a net importer of steel during the period.
Surging Steel Imports from Key Asian Exporters
South Korea emerged as India鈥檚 largest steel supplier, with imports rising 11.7% year-on-year to 2.4 million metric tons.
China followed closely, exporting 2.3 million metric tons, marking a 3.4% year-on-year increase.
Japan recorded the most significant surge, with shipments jumping 88.6% year-on-year to 1.8 million metric tons.
Indonesia also saw a sharp rise, with steel exports to India tripling to 0.3 million metric tons.
Collectively, China, South Korea, and Japan accounted for 78% of India鈥檚 total finished steel imports.
India Considers Protectionist Measures Amid Rising Imports
In response to rising steel imports, India's Steel Ministry has urged the Ministry of Finance to double the basic customs duty on imported finished steel products from 7.5% to 15% in the upcoming Union Budget 2025鈥�26.
Additionally, in December 2024, the government launched an investigation to assess the need for a safeguard duty or temporary tax to curb uncontrolled steel imports.
Last month, Steel Minister H.D. Kumaraswamy hinted at the possibility of imposing a safeguard duty of 15% to 25% on steel imports to protect domestic manufacturers from excessive foreign inflows.
Steel Exports Plummet to a Seven-Year Low
While imports surged, India鈥檚 finished steel exports plummeted to their lowest levels in at least seven years during April鈥揓anuary.
Exports to Italy, India鈥檚 largest export destination, nearly halved.
Shipments to Belgium, Nepal, and Spain also declined significantly.
The rising steel imports, coupled with weakening exports, raise concerns over domestic industry competitiveness, price stability, and India鈥檚 steel trade balance.
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