India Emerges As Leading Net Importer For Finished Steel
India leads the steel industry, being the second largest steel producer globally. However, India finishes as a net importer in the steel industry with finished steel in 2024. According to data from 2023-2024, India emerges as a net importer of finished steel. Thus, India’s current state in the steel industry is a fear factor for the future. Along with that, India's steel imports will have reduced in 2024 as well.
Based on recent data from the steel industry, India’s finished steel imports increased by 38.1 percent compared to the financial year of 2022-2023. However, India's finished steel imports fell by 31.9 percent by the end of March 2024. The data derived from the survey shows India imported 8.3 million metric tons of finished steel in 2023. Thus, the data from the survey shows that India's goal of self-reliance in steel production has to be achieved. Steel is essential in industrial applications, such as manufacturing goods, automotive industries, and others. India became the second largest steel producer, but more than 101.4 metric tons of steel have been imported. According to insights from India's steel industry, around 6.7 million metric tons of finished steel were imported between January and April 2024. Therefore, India expects strong steel demand flow in the next fiscal year. The economic growth of India’s steel industry is expected to rise by 4 to 7 percent in the financial year 2024-2025.
With growing steel imports from India and other countries, there is a need to stick to specific rules in 2024. India's steel industry welcomes the national government to take charge and regulate the steel industry with certain norms. These government safety measures will safeguard the steel industry's domestic producers. However, India targets to achieve ambitious goals in the steel industry as an emerging net importer in the global market.
