Imports of finished steel to India from South Korea, China and Japan reach record levels

By Alimat Aliyeva

India, the world’s second-largest producer of unrefined steel, imported record amounts of finished steel from China, South Korea, and Japan in the first 10 months of the fiscal year, Azernews reports.

Imports of finished steel from South Korea increased by 11.7 percent compared to the previous year, reaching 2.4 million tons. During this period, South Korea became the largest exporter of steel alloys to India.

Steel imports to India from China totaled 2.3 million tons, while imports from Japan amounted to 1.8 million tons.

India’s surge in finished steel imports highlights a significant shift in its steel industry, which traditionally focuses on producing raw steel. The increased demand for finished steel reflects a growing need in sectors like construction, automotive, and infrastructure development. While India is a major steel producer, the demand for high-quality, specialized steel alloys from countries like South Korea and Japan has led to a rise in imports, especially for advanced manufacturing processes.

This trend also underscores the global interconnectedness of the steel market, with major producers like China, Japan, and South Korea catering to the growing demand in emerging markets like India. As India continues to invest in infrastructure and urban development, the reliance on imported steel may increase, impacting the dynamics of both global steel production and trade.