India turns net importer of finished steel in 2023/24, data shows

India turns net importer of finished steel in 2023/24, data shows

India was a net importer of finished steel during the 2023/24 financial year that ended on March 31, according to provisional government data seen by Reuters on Monday.

The country imported 8.3 million metric tons of finished steel between April and March, up 38.1% from a year earlier, the data showed.

India's steel mills have called for government interventions and safeguard measures against surging imports. However, the federal Ministry of Steel has resisted calls for curbs, citing strong local demand.

The world's second-biggest crude steel producer remains a bright spot globally with robust demand from its construction and automotive sectors.

Steel consumption in India jumped 13.4% to 136 million metric tons during the period, reflecting buoyant demand for the alloy in one of the world's fastest-growing economies.

India's steel demand is likely to stay strong as the government expects economic growth will outpace the global economy in the next fiscal year.

During 2023/24, India's finished steel exports were at 7.5 million metric tons during 2023/24, up 11.5% on year. Crude steel output stood at 143.6 million metric tons, up 12.9% from a year earlier, data showed.

Finished steel output during 2023/24 was 138.5 million metric tons, up 12.4% on year, data showed.