THEBUSINESSBYTES
BUREAU
NEW
DELHI, SEPTEMBER 25, 2026
India remained a net
importer of finished steel during the first five months of the current fiscal,
with inbound shipments rising sharply in both volume and value, underscoring
the growing demand for steel even as domestic producers ramp up output.
According to official
data from the Steel Ministry, India imported 3.49 million tonnes (MT) of
finished steel during April-August 2026, up 29.5 per cent from 2.69 MT in the
corresponding period of the previous fiscal.
The value of these
imports rose 38.3% year-on-year to ₹36,193.9 crore, compared with ₹26,172.6 crore in
April-August 2025.
China, South Korea,
Japan, Indonesia and Vietnam were the top five sources of India's finished
steel imports during the period.
The country imported
a range of steel products, including hot-rolled (HR) coil and strip,
cold-rolled (CR) coil and sheets, galvanised plain and corrugated sheets and
coils, plates, and bars and rods.
“India was a net importer of finished steel in
terms of quantity for the period of April-August 2026,” the Steel Ministry said
in its latest data.
The upward trend
continued in August, with finished steel imports increasing 9 per cent
year-on-year to 0.72 MT, from 0.67 MT a year earlier. In value terms, August
imports rose to ₹7,863.1
crore, compared with ₹6,377.6 crore in August 2025.
At the same time,
India's steel exports recorded strong growth, providing some counterbalance to
the surge in imports.
Finished steel
exports increased 34.1 per cent to 2.98 MT during April-August, from 2.22 MT in
the year-ago period. The value of exports rose to ₹23,646.6 crore, from ₹17,911.1
crore previously.
Vietnam emerged as
India's largest export destination, followed by the UAE, Italy, Belgium and
Nepal.
The latest trade data
comes as the government continues to encourage domestic steel producers to
expand manufacturing of high-end and value-added steel products, with the aim
of meeting rising domestic demand and reducing reliance on imports.
India, the world's
second-largest crude steel producer, introduced a production-linked incentive
(PLI) scheme for specialty steel in 2021 to strengthen domestic manufacturing
capabilities.
The scheme, with an outlay of ₹6,322 crore, provides financial incentives to eligible companies based on incremental sales and is aimed at boosting domestic production of high-value steel.
The rise in both imports and exports highlights the evolving structure of India's steel trade, with domestic demand supporting higher inbound shipments while Indian producers simultaneously expand their presence in overseas markets.
