- Consumption rises contrasting with lower monthly production
- India remains net steel importer with 0.654 mnt of shipments
India’s crude steel production declined 4.4% m-o-m to 14.115 million tonnes (mnt) in September 2026 from 14.768 mnt in August, according to provisional data released by the Joint Plant Committee (JPC). However, production increased 3.4% y-o-y from 13.652 mnt in September 2025.
India remained a net importer of finished steel in September, with imports of 0.654 mnt exceeding exports of 0.562 mnt.
Steel industry highlights in September
Steel production declines m-o-m, consumption remains strong
Finished steel production declined 3% m-o-m to 13.465 mnt in September from 13.879 mnt in August. However, production increased 2% y-o-y from 13.208 mnt in September 2025.
Finished steel consumption decreased 1.2% m-o-m to 14.408 mnt from 14.588 mnt in August. Despite the monthly decline, consumption increased 8% y-o-y from 13.343 mnt in September 2025, indicating continued strength in domestic steel demand.
Finished steel exports decline both m-o-m and y-o-y
Finished steel exports declined 19% m-o-m to 0.562 mnt in September from 0.694 mnt in August. Exports were also down 3.8% y-o-y from 0.584 mnt in September 2025.
The sharp monthly decline indicates weaker export shipments during the month, with overseas sales affected by prevailing international market conditions and shipment schedules.
Finished steel imports decline m-o-m, remain stable y-o-y
Finished steel imports declined 9.3% m-o-m to 0.654 mnt in September from 0.721 mnt in August. Imports were broadly unchanged y-o-y compared with 0.652 mnt in September 2025.
With imports exceeding exports by around 0.092 mnt during the month, India remained a net importer of finished steel.
April-September FY’27 performance
During April-September FY’27, India’s crude steel production increased 2.9% y-o-y to 85.111 mnt, compared with 82.688 mnt in the corresponding period of FY’26.
Finished steel production rose 3.7% to 81.791 mnt from 78.850 mnt, while finished steel consumption increased 7.5% to 84.942 mnt from 79.014 mnt.
Finished steel exports recorded strong growth of 26.3%, reaching 3.548 mnt, compared with 2.810 mnt during April-September FY’26. Meanwhile, imports increased 23.8% to 4.142 mnt from 3.345 mnt.
Imports exceeded exports by around 0.594 mnt during April-September, keeping India a net importer of finished steel despite strong growth in exports.
Outlook
Domestic steel consumption is likely to remain supported by infrastructure, construction and manufacturing activity, with the 8% y-o-y growth in September indicating healthy underlying demand despite the monthly slowdown.
Meanwhile, export volumes may remain sensitive to global market conditions, while imports are likely to depend on international price competitiveness and domestic availability.
Overall, the September data points to a resilient domestic demand environment, while lower production and exports and continued import dependence remain key market trends.
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