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India, however, remains a net importer of the alloy, with imports at 0.95 mt (₹9,167 crore), down 30 per cent y-o-y, outstripping exports at 0.77 mt (₹6,519 crore), which fell 18 per cent during April-May | Photo Credit: ANINDITO MUKHERJEE
India has managed to cut down Chinese steel imports by nearly 50 per cent in the first two months of the fiscal to 0.2 million tonnes (mt), while shipments from Vietnam have turned negligible in April and May, indicative of trade measures that include safeguard duty imposition to the tune of 12 per cent and multiple quality control orders.
Data from India’s Steel Ministry show shipments from Japan also plunged nearly 66 per cent y-o-y, falling to just 0.12 mt during this period.
In the same period last year, Chinese steel shipments stood at 0.41 mt and from Japan at 0.4 mt. China and Japan were the top two steel exporters last year, with Vietnam amongst the top 4.
So far in FY26, Korea leads as the top exporter of finished steel at 0.37 mt, followed by China and Japan, with Vietnam not featuring in the list.
To put things in perspective, India’s steel production rose 7 per cent y-o-y to 25.5 mt (23.9 mt), while domestic consumption also grew 7 per cent to 25.2 mt.
The Ministry report noted that steel prices showed a mixed trend. While rebar prices declined y-o-y in India, driven by weak demand and the seasonal impact of monsoon. However, benchmark HRC prices moved up, but remained range-bound.
India, however, remains a net importer of the alloy, with imports at 0.95 mt (₹9,167 crore), down 30 per cent y-o-y, outstripping exports at 0.77 mt (₹6,519 crore), which fell 18 per cent during April-May.
Net import stood at 0.18 mt with a trade deficit of ₹2,648 crore.
In comparison, the trade deficit came down by nearly 38 per cent — driven by lower imports — to ₹4,284 crore.
In April, India imposed a 12 per cent safeguard duty on steel imports from China and Vietnam.
The impact was evident in April, with steel imports from China at 0.10 mt, marking nearly a 30 per cent y-o-y drop; and a 16 per cent sequential decline (over March). In May, shipments from China were around 0.11 mt, slightly higher sequentially, but down 37 per cent y-o-y.
In fact, since January, when talks of safeguard duty imposition gathered pace, Chinese shipments started witnessing a decline. From 0.18 mt in January, it dropped to 0.09 mt in February before witnessing a rise in March to 0.13 mt and then in the 0.1–0.11 mt range.
“There’ll be some monthly variations; but overall, shipments are down and stabilised at the 0.1 mt range. We are further checking out these monthly variations,” said a Ministry official.
Published on June 30, 2025
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