India turns net steel importer; domestic demand a bright spot

India became a net importer of steel in fiscal 2024, with an overall steel trade deficit of 1.1 million tonne (MT), marking a shift in status as a net exporter since fiscal 2017.

International trade flow has seen significant changes of late and weak global markets and competitive Chinese steel have negatively impacted India’s exports. That said, strong domestic demand remains a bright spot for the Indian steel industry.