South Korea has been the largest exporting country for Indian buyers, although volumes in 2023 rose a slight 2% to 2.46 mnt compared to 2.42 mnt in 2022. China followed with 1.32 mnt (0.65 mnt), showing a y-o-y humongous rise of 103%. Vietnam was also an aggressive exporter to India, its volumes rising a mammoth 1749% to nearly 1 mnt (0.05 mnt). Japan was fourth with 0.91 mnt (0.69 mnt), recording a y-o-y increase of 33%. Korea, Japan and Vietnam have been actively exporting steels to India by virtue of the various preferential trade agreements inked.
