India’s steel imports shoot up to 7 mt

The amount of finished and semi-finished steel offered to India surged by almost 45% year over year to 7 million tonnes (mt), one of the largest rises in the previous three years. The rise in imports of completed steel was due to a significant 500% increase in semi-finished offering exports, according to a Steel Ministry report that insiders were able to see. The largest import during the past few years—since India started to export steel—was 7.20 mt in FY20. Following that, it fell to 5.04 mt in FY21 and 4.80 mt in FY22. Semi-finished steel offerings into India for FY23 were 1 mt (compared to 0.2 mt in FY22), while finished steel offerings were 6 mt (4.7 mt).