The Aryavarth Express
Agency(New Delhi): India recorded a shift in its steel industry dynamics by becoming a net importer of finished steel for the financial year 2023/24, which concluded on March 31st. According to provisional government data, the country imported 8.3 million metric tons of finished steel, marking a 38.1% increase from the previous year.
This rise in imports comes amidst burgeoning demand within India’s key economic sectors, including construction and automotive, which continue to drive the need for steel. The robust demand has resulted in a 13.4% increase in steel consumption, totaling 136 million metric tons during the fiscal year.
Despite the increase in imports, India’s steel mills have been proactive in calling for government measures to safeguard against the surge. However, the Ministry of Steel has so far declined to impose curbs, highlighting the strong local market demand that underpins the industry.
India’s position as the world’s second-largest crude steel producer is reinforced by its continuing expansion in output. Over the same period, the country’s crude steel production rose by 12.9% to 143.6 million metric tons, while finished steel production increased by 12.4% to 138.5 million metric tons.
The data also showed that India’s finished steel exports grew by 11.5%, reaching 7.5 million metric tons. This growth in both domestic consumption and production highlights India’s pivotal role in the global steel market amid its rapid economic expansion.
With the government projecting that India’s economic growth will surpass global averages in the upcoming fiscal year, the demand for steel is expected to remain strong, supporting further development in this vital sector.