India’s steel imports shoot up to 7 mt

The amount of finished and semi-finished steel offered to India increased by almost 45% year on year Up to 7 million tonnes (MT), one of the largest increases in the previous three years. The increase in imports of Finished steel was due to a significant 500% increase in exports of semi-finished products, according to to a Department of Steel report that insiders could see.

The largest import in recent years - since India started exporting steel - was 7.20 tonnes in FY20. Then it dropped to 5.04 mt in FY21 and 4.80 mt in FY22.

Semi-finished steel products in India for FY23 were 1 mt (compared to 0.2 mt in FY22), while The range of finished steel was 6 MT (4.7 MT).

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