India’s crude steel output rises over 10% y-o-y in Apr’25-Jan’26: JPC

• India turns net exporter of finished steel
• Finished steel output grows faster than consumption

India’s crude steel production increased by over 10% y-o-y to 138.8 million tonnes (mnt) during April 2025-January 2026 (10MFY’26), supported by steady domestic demand and a sharply improved trade balance, provisional data released by the Joint Plant Committee (JPC) under the Ministry of Steel showed.

Importantly, India was a net exporter of finished steel during 10MFY’26, with exports of 5.5 mnt surpassing imports of 4.9 mnt.

Highlights of Indian steel industry in 10MFY’26

Steel production surges, consumption grows slower
India’s crude steel production surged by 10.6% y-o-y during 10MFY’26, while finished steel output was up by 9.7%. However, consumption increased by a much slower 6.6%, as an extended monsoon and unseasonal rains hindered construction and infrastructure activity – the largest steel-consuming sectors in India.
The slower consumption growth rate also points to the emergence of a supply glut in India, which aligns with the persistent bearishness in the steel market till November, when prices of key commodities such as rebars, wire rods, [name more if relevant] etc. hit a five-year low.

Finished steel exports rise m-o-m, y-o-y

India’s finished steel exports increased in January as well as during 10MFY’26, supported by competitive pricing and steady overseas demand.

For a large part of FY’26, mills actively pushed overseas sales as export realisations remained more attractive than domestic prices. Weak domestic demand, particularly from the infrastructure and fabrication segments during the extended monsoon, further prompted producers to divert volumes to export markets. Strong demand from the EU ahead of the Carbon Border Adjustment Mechanism (CBAM) phase-in also helped sustain export momentum, offsetting softness at home.

Finished steel imports decline sharply m-o-m, y-o-y

Finished steel imports fell steeply on m-o-m and y-o-y bases in January 2026. Similarly, there was a sharp contraction y-o-y during 10MFY’26.

Market sentiment turned increasingly import-negative, largely due to the safeguard duty in force. Trade participants noted that higher landed costs and regulatory uncertainty discouraged fresh bookings, keeping import volumes subdued despite pockets of demand.