- India’s steel imports rise y-o-y in Jan, dip m-o-m
- Vietnamese exporters to retain competitive edge
The Indian government renewed the Bureau of Indian Standards (BIS) licence of Vietnams steel major Hoa Phat, enabling the company to continue exporting hot-rolled coils (HRCs) to India tilll 5 February 2026.
The license covers export of specific HRC (IS 1079 : 2017) grades HR0, HR2, HR3, and ISH270C, with thicknesses ranging from 1.50-12.0mm and widths from 900-1524mm.
India’s steel imports throw up mixed trends in Jan
The Indian steel import landscape in January 2025 presented a mixed picture. Total steel imports reached 687,172 tonnes (t), representing a substantial y-o-y decrease of 239,946 t from the 927,118 t recorded in January 2024. However, compared to December 2024’s about 606,758 t, imports showed an increase of 80,414 t.
Vietnam’s steel exports to India mirrored this fluctuating trend. In January 2025, exports from Vietnam fell to 10,322 t, a significant y-o-y reduction of 26,783 t from the 37,105 t exported in January 2024. Conversely, a marginal m-o-m increase of 142 t was observed from the 10,180 t exported in December 2024.
South Korea emerged as the leading steel exporter to India in January 2025, shipping 354,250 t. This figure represents both a y-o-y increase of 31,171 t from 323,079 t and a substantial m-o-m rise of 94,524 t from 259,726 t.
Japan also experienced growth in its steel exports to India, at 143,696 t in January 2025. This reflects a y-o-y increase of 23,442 t from 120,254 t. However, Japan’s steel exports saw a m-o-m decrease of 32,570 t from 176,266 t exported in December 2024.
In contrast, China’s steel exports to India experienced a significant decline. In January 2025, China exported 90,583 t, a sharp y-o-y drop of 224,149 t from the 314,732 t exported in January 2024. There was also a slight m-o-m decrease of 830 t from the 91,413 t exported in December 2024.
Outlook
The recent renewal of BIS licenses for Vietnamese steel producers, Hoa Phat and FHS, is projected to enable them to maintain a competitive advantage in the Indian market.
However, the Ministry of Commerce and Industry had initiated an anti-dumping investigation in August 2024 on imports of hot-rolled flat products of alloy or non-alloy steel of various specifications, including thickness up to 25 mm and width up to 2,100 mm, from Vietnam. Market participants await the investigation’s outcome, which could challenge Vietnamese steel exporters.
Furthermore, the Indian steel import market faces potential shifts due to anticipated safeguard duties.
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