India's finished steel imports from China, South Korea, and Japan soared to a record high in the first ten months of the financial year 2024–25, according to provisional government data accessed by Reuters. As the world’s second-largest crude steel producer, India witnessed surging finished steel shipments during April–January, making it a net importer of steel during the period. Surging Steel Imports from Key Asian Exporters South Korea emerged as India’s largest steel supplier, with imports rising 11.7% year-on-year to 2.4 million metric tons. China followed closely, exporting 2.3 million metric tons, marking a 3.4% year-on-year increase. Japan recorded the most significant surge, with shipments jumping 88.6% year-on-year to 1.8 million metric tons. Indonesia also saw a sharp rise, with steel exports to India tripling to 0.3 million metric tons. Collectively, China, South Korea, and Japan accounted for 78% of India’s total finished steel imports. India Considers Protectionist Measures Amid Rising Imports In response to rising steel imports, India's Steel Ministry has urged the Ministry of Finance to double the basic customs duty on imported finished steel products from 7.5% to 15% in the upcoming Union Budget 2025–26. Additionally, in December 2024, the government launched an investigation to assess the need for a safeguard duty or temporary tax to curb uncontrolled steel imports. Last month, Steel Minister H.D. Kumaraswamy hinted at the possibility of imposing a safeguard duty of 15% to 25% on steel imports to protect domestic manufacturers from excessive foreign inflows. Steel Exports Plummet to a Seven-Year Low While imports surged, India’s finished steel exports plummeted to their lowest levels in at least seven years during April–January. Exports to Italy, India’s largest export destination, nearly halved. Shipments to Belgium, Nepal, and Spain also declined significantly. The rising steel imports, coupled with weakening exports, raise concerns over domestic industry competitiveness, price stability, and India’s steel trade balance.