India’s steel imports reached a five-year higher in the first 9 months of the fiscal year, ending in March, making the country a net importer of finished steel.
India has become a bright spot for steel producers, both domestically and internationally. Thanks to a surge in economic activity and an overhaul of the country’s infrastructure.
The demand for steel is declining in Europe and the US, in contrast to India. According to the data, India imported 5.6 million metric tonnes of finished steel between April and December. A 26.4% increase from the same period last year.
India, the second-largest producer of crude steel in the world, saw a 14.8% increase in steel consumption during that time, reaching a six-year high of 100 million metric tonnes. This increase was driven by the alloy’s buoyant demand in one of the fastest-growing economies in the world.