[SMM Express] India Remains Net Steel Importer Despite 15% Drop in Shipments

India remained a net steel importer in January–October 2025, even as total imports fell to around 8 million mt, a 15% year-on-year decline

The drop follows the government’s 12% safeguard duty, which raised the landed cost of imported steel above domestic prices—for example, domestic HRC remained INR 7,500–8,000/mt cheaper than Chinese shipments in early October.

Import Trends

• Imports from China plunged over 50% y-o-y.

• Imports from South Korea fell 4%; Japan dropped 24%.

• Imports from Vietnam and other origins increased.

• Flat steel imports fell 27% to 5.45 million mt.

• Long steel imports declined 10% to about 1.3 million mt.

• China, Indonesia, and Vietnam.

India exported 8.9 million mt of steel in the first 10 months of 2025, nearly flat year-on-year.

• Exports to the EU fell 14% amid upcoming CBAM measures.

• Shipments to the UAE surged.

• Exports to the US rose as buyers front-loaded orders before new tariff rules.