Apr-Sep steel imports slump, but India still net buyer

India's steel imports dropped 30% year-on-year (yo-y) to 3.3 million tonnes (mt) in the first six months of the current financial year (FY26), reflecting the impact of import tax to shield local players and subdued domestic prices.

- Abhishek Law

Yet, despite the steep fall, the country remained a net importer, with inbound shipments exceeding exports by 0.5 mt.

According to an internal Union steel ministry report, reviewed by Mint, exports rose 21% yo-y to 2.8 mt, buoyed by improved demand from Europe and South-East Asia. September was the strongest of the six months for exports, with shipments at 0.58 mt.

During April-September FY25, steel imports were at 4.74 mt, and exports at 2.31 mt, resulting in sharp deficit of 2.43 mt.

Domestically, finished steel output rose 11% to 78.6 mt, while consumption grew 9% to 78.9 mt in the six months to September, signalling a strong underlying demand.