India remains net finished steel importer as April-September imports outpace exports

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Sergey Shendetskyi

23.10.2026

India remains net finished steel importer as April-September imports outpace exports — India's steel import surge

India continues to import more finished steel than it exports in the first half of the fiscal year, as inbound shipments rise faster than domestic output. The balance underscores sustained external supply dependence even as local steel consumption and prices increase.

Highlights

India's finished steel imports rose 23.8% year-on-year to 4.14 million metric tons in April-September, outpacing exports of 3.55 million tons.
China and South Korea contributed nearly 63% of India's finished steel imports, while the United Arab Emirates and Vietnam led as export destinations.
Domestic finished steel consumption climbed 7.7% year-on-year in September to 14.4 million tons, with October hot-rolled and cold-rolled coil prices up 31.6% and 33.3% respectively.

Import volumes and trade flow in the first half

As reported by Reuters, citing government data, finished steel imports rise 23.8% from a year earlier to 4.14 million metric tons during April-September, exceeding exports of 3.55 million tons and keeping India a net importer in the period.

China and South Korea together account for nearly 63% of imports. The United Arab Emirates and Vietnam are India's largest export destinations for finished steel.

Demand and price trends in the steel market

Domestic demand also shows strength, with finished steel consumption increasing 7.7% year on year in September to 14.4 million tons.

Steel prices are higher than a year earlier in October. Hot-rolled coil is up 31.6%, while cold-rolled coil gains 33.3%, pointing to firmer market conditions across key product categories.

India’s September merchandise trade deficit widened to $30.21 billion as imports rose faster than exports, keeping pressure on the external balance. Our earlier report highlighted that a higher import bill—partly linked to elevated crude oil prices and geopolitical risks—can weigh on trade dynamics even as India pursues export market diversification through new and pending trade agreements.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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