India’s steel exports have dropped to their lowest level in seven years during the April-January period, as per government data. The biggest fall was in exports to Italy, which nearly halved, while shipments to Belgium, Nepal, and Spain also declined. This decline suggests that more steel is being used within India rather than being sent to other countries.
At the same time, India has been importing record amounts of finished steel from China, South Korea, and Japan. These three countries supplied 78% of India’s total finished steel imports, with South Korea being the largest exporter. The most imported steel products were hot-rolled coils or strips, while bars and rods were the top non-flat steel imports. Imports from Indonesia also rose nearly three times compared to last year.
To address the surge in imports, the Indian government is considering placing a safeguard duty of 15% to 25% on steel imports. In December, an investigation was launched to determine whether such a tax is needed to control rising imports. Steel Minister H.D. Kumaraswamy recently stated that the government is actively looking into protective measures to support local steel producers.
