India's steel imports surge 49% in Q1, net importer status holds

"Import momentum strengthened further in June 2026, with imports increasing 58.2% year-on-year to 0.7 million tonnes–the highest monthly level in the past 17 months," Equirus analysts Siddharth Gadekar and Shivansh Singh wrote in a 9 July report. "Elevated imports have started weighing on domestic steel prices, with both flat and long product prices moderating since end-May 2026," the report added.

June extended the trend. India remained a net importer for the third consecutive month, with imports rising 57.9% year-on-year to 696,000 tonnes and exports increasing 38.1% to 616,000 tonnes. Finished steel production in the month grew 6% to 13.758 million tonnes, while consumption increased 7.2% to 14.186 million tonnes.

The persistence of imports has sharpened concerns among domestic steelmakers, who argue that cheaper shipments from China, South Korea, and Japan are hurting prices and margins. The government last year imposed safeguard duties on select steel products to curb excessive imports. In June, New Delhi also initiated an anti-dumping investigation into hot-rolled flat steel from China and Japan, with Russia also named in the application.

The Directorate General of Trade Remedies is examining an application filed by JSW Steel and JSW Vijayanagar Metallics, joined by Jindal Steel Odisha, with support from Tata Steel and Steel Authority of India. The application alleges that low-priced imports have caused material injury to the local industry.

Elara Securities said in an 18 June report that it expects import demand to remain elevated, supported by a strong pipeline of export enquiries.