According to Reuters report, India’s steel exports have seen an increase of 33 percent in the current financial year.Image Credit source: ChatGPT
The kind of data regarding steel seen in India has spread fear in China and Vietnam. Reuters report on Monday said that according to provisional government data, India’s net export of finished steel in the first nine months of fiscal year 2026 reached 48 lakh metric tons, which is 33.3 percent more than the previous year. Data revealed that the world’s second largest crude steel producing country had imported 46 lakh metric tonnes of finished steel during the same period. Country-wise figures of India’s steel exports are expected at the end of the month.
Import duty was imposed on Chinese steel
In December, the government imposed import duty on some steel products to curb cheap steel products, mainly from China. This duty, known as safeguard duty at the local level, will be levied at the rate of 12 percent in the first year, 11.5 percent in the second year and 11 percent in the third year. According to the data, India produced 117.6 million metric tonnes of finished steel between April and December, while consumption stood at 119.3 million metric tonnes. According to the data, the production of crude steel during this period stood at 123.9 million metric tons.
What were the prices?
Major Indian steelmakers increased hot-rolled coil and cold-rolled coil prices by up to Rs 2,000 ($22.19) per metric tonne in January, according to commodity consultancy Bigmint. The consultancy said that the prices of hot-rolled coil ranged between Rs 50,250 per metric ton and Rs 51,250 per metric ton.
What will be the demand for steel?
According to the World Steel Association (WorldSteel), global steel demand is expected to increase marginally in 2026, increasing by about 1.3 percent to about 1.77 billion tons. This growth is happening after there is no significant change in demand in 2025. The recovery is being driven by strong infrastructure spending in India, Saudi Arabia and Egypt, continued investment in Europe and the US and a slowing demand decline in China, although risks related to trade tensions and economic uncertainty remain.