India’s steel imports have been grabbing considerable attention for the past one year or so because of their ensuing negative impact on domestic sales. Imports showed a healthy 34% increase to 9.33 million tonnes (mnt) in financial year 2023-24 (FY’24) against 6.94 mnt in FY’23, reveals data maintained with BigMint. Steel imports, it may be recalled, had hit a seven-year high in CY’23. Korea, China and Japan were the top three exporting countries in FY’24.
