Imports for the period rose by 30.8% y/y

India became a net importer of rolled steel in April 2026 (the first month of the new fiscal year), according to Reuters, citing preliminary government data.

During this period, the country imported 0.7 million tons of rolled steel, a 30.8% increase year-on-year. The largest suppliers were China, South Korea, Japan, Vietnam, and Russia.

At the same time, rolled steel exports in April totaled 0.5 million tons (+24.9% year-on-year). India increased its shipments to the UAE and the UK while reducing them to Belgium and Italy.

Domestic rolled steel consumption in April reached approximately 13 million tons, an 8.2% increase year-on-year. Steel production for the period totaled 13.8 million tons (+3.9% year-over-year).

As a reminder, in the 2025/2026 fiscal year (ended March 31), India increased rolled steel exports by 36% year-on-year – to 6.6 million tons. The increase in shipments was driven by high demand from Europe in the second half of 2025—buyers were stockpiling ahead of changes in the bloc’s trade policy measures. Italy was the largest export market for Indian steelmakers during the period, followed by Vietnam.

At the end of the last fiscal year, the country reduced its exports of iron ore and pellets by 15% year-on-year, to 25.78 million tons. During the period, the country sold iron ore primarily to China, which accounted for over 90% of total shipments.