India increased rolled steel imports by 26.6% year on year (YoY) to 6.5 million tonnes in the first eight months (April-November) of the fiscal year 2024-25, according to preliminary government data. This is the highest level in eight years, NDTV reported.

Imports of rolled steel from Japan into the Indian market reached the highest level in at least six years in April-November, more than doubling to 1.4 million tonnes. China, Japan and South Korea accounted for 79% of India's total imports of steel products during the period.

China exported 1.96 million tonnes to India in the period under review, up 22.8% YoY.

India is preparing to impose a temporary safeguard duty of up to 25% on imported steel to restrict the supply of cheap Chinese products. The duty is aimed at supporting loss-making domestic steelmakers.

India became a net importer of rolled steel in the FY 2023-24. Last year, India imported 8.3 million tonnes of rolled steel, up 38.1% YoY, while exports stood at 7.5 million tonnes, up 11.5% YoY. Steel consumption increased by 13.4% YoY to 136 million tonnes, reflecting strong demand for the product, GMK Center reported.