[SMM Steel] India turns net steel exporter in FY2026, but outlook clouded by EU barriers and geopolitics

Published: Apr 24, 2026 18:18

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[SMM Steel] India became a net exporter of finished steel in FY2025–26, with exports rising 36% YoY to 6.6 mln mt, exceeding imports by 78,000 mt. Growth was driven by strong EU demand, with Europe accounting for a major share and exports to Vietnam surging to 772,000 mt. However, the outlook remains uncertain as EU safeguard quotas are set to tighten from July and CBAM costs increase, reducing competitiveness. At the same time, the Iran conflict has disrupted shipments to the GCC and pushed up freight costs, prompting mills to scale back exports. While opportunities exist in CRC exports and markets like Vietnam and the Middle East, these are tempered by policy risks and ongoing geopolitical uncertainty.

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