India’s Steel Market Sees Mixed Signals in October: Crude Steel Declines, Finished Steel and Demand Rise
India’s steel industry is displaying diverse trends this October. While crude steel production has experienced a slight dip, finished steel production and demand are on the rise. According to data from the Joint Plant Committee (JPC), India’s crude steel output in October fell by 0.4% year-over-year to 12.19 million tons but still represented a 4% increase from September. Meanwhile, finished steel production climbed by 2.7% year-over-year to 11.71 million tons, with a 4.1% increase from the previous month, showing steady growth in line with market demand. Furthermore, steel consumption reached 13.02 million tons, up 9% year-over-year and 5.9% month-over-month.
Import-Export Dynamics Amid Rising Steel Demand
Despite this growing demand, India remained a net importer of finished steel in October. Imports rose significantly by 34.2% year-over-year to 730,000 tons, while exports climbed by 50.9% to 290,000 tons. Between April and October, imports reached 5.72 million tons with exports totaling 2.75 million tons, indicating a year-over-year import increase of 40.8%, while exports dropped by 29.3%.
The sharp increase in imports is driven largely by competitive international prices, with Chinese and Vietnamese steel being particularly popular. India’s Ministry of Steel raised concerns on October 29 about these import trends, suggesting that anti-dumping and other protective measures might be warranted. This led the Ministry of Commerce and Industry to initiate an anti-dumping investigation into non-oriented electrical steel from China on September 27.
Langzo Steel is monitoring these developments closely to help industry players navigate the fluctuating market dynamics and understand potential regulatory changes. This ongoing analysis of the global steel trade environment will inform stakeholders on how to make strategic decisions in an increasingly complex landscape.
Key Takeaways and Market Outlook
With rising imports and fluctuating demand, India’s steel industry is poised for significant shifts. Continued vigilance and strategic adjustments will be critical for businesses navigating these conditions. As market conditions evolve, Langzo Steel remains committed to providing insightful updates to support industry professionals in making informed choices in the global steel market.
