A Detailed Guide on How to Import Steel in India?

Highlights:

• India had a trade deficit of 1.1 million metric tonnes as a result of its net imports of steel exceeding its net exports.

• As per steel import data, India imported 8.3 million metric tonnes of rolled steel in FY2023, which ended in March. This was a 38.1% increase from the year before.
• During the first eight months of the fiscal year 2024-25, India imported 6.5 million metric tons of finished steel, a notable 26.6% increase from the previous year.
• Based on import data, the major importer of steel is the European Union, with a trading value of 283,875.00 USD. 
• The largest importer of steel in the world is Europian Union with an import value of 283,875.00 (1000USD)
• The major steel HS codes are 7326, 73261100, 732619 and 73261910.

As we know, steel is an essential component of many industries, including consumer goods, automotive manufacturing, infrastructure, and construction. India's rise as a major economic force in the world has increased demand for steel imports. India's steel production in 2023 was 140.2 million metric tons. It produced 128.15 million metric tons of crude steel between January and November 2023, a 12.1% increase from the previous year. However, traders must acquire the necessary paperwork, licenses, and up-to-date data in order to import steel into India.

If you’re looking to venture into steel imports in India, here’s a comprehensive guide to help you get started.

Steel Production: India Targets 300 Million Tonnes

With the government hoping to reach a production milestone of 300 million metric tons by 2030, India's steel industry is poised for substantial growth. Also, Steel Production in India decreased to 12400 Thousand Tonnes in November from 12500 Thousand Tonnes in October of 2024

The ministry also does not foresee any hurdles in capacity addition due to decarbonisation efforts in the steel sector and will soon release a draft roadmap seeking public opinion to reduce the carbon footprint in the steel sector, which accounts for 12 percent of total emissions, Steel Secretary Nagaendra Nath Sinha said.

Finished steel output during 2023-24 was 138.5 mn tonnes, up 12.4 percent year-on-year. To achieve 300 mn tonnes of installed capacity, a CAGR of 12 percent would be required. From January to April 2024, steel production was 49.5 million metric tons, a jump of 8.5 percent, BCC president N. G. Khaitan said.

Market Size of Steel in India: a Brief Overview

• Production Growth: India has seen substantial growth in both crude and finished steel production in recent years, with FY24 recording significant increases compared to FY23.
• Consumption: Domestic consumption of finished steel remains strong, closely aligned with production figures.
• Trade: In the first quarter of FY25, India was a net importer of finished steel, with imports exceeding exports.
• Per Capita Consumption: Steel consumption per capita stood at a healthy 86.7 kg in FY23.

Now explore the statistics on Indian steel imports!

What Makes India a Net Importer of Steel?

India experienced a trade deficit of 1.1 million metric tonnes in fiscal year 2024 as a result of its net imports of steel exceeding its net exports. As domestic demand surged, imports from China, South Korea, Japan, and Vietnam increased. 

Source: Steel.gov.in

Even though India's exports have increased, China remains a threat. Robust domestic demand and output growth indicate positive outlooks for the Indian steel industry.In order to manage imports and maintain export competitiveness, strategic changes are required.

Prior to a subsequent drop in steel prices, the domestic premium was between $10 and 11 per million metric tonnes in the last week of May 2024. Today, it is between $21-32 per million metric tonnes.

Steel Imports in India: Statistics for 2024-25

One of the world's biggest consumers of steel is India. Although the nation has a strong domestic steel industry, in order to meet certain requirements, specific grades, types, or quantities of steel are frequently imported.

Now, analyze the most recent data on steel imports in India or India steel import statistics:

India's Finished Steel Imports (April-November Fiscal Year 2025)

During the first eight months of the fiscal year, India imported 6.5 million metric tons of finished steel, a notable 26.6% increase from the previous year. Chinese steel imports totaled 1.96 million metric tons, a 22.8% increase from the previous year. However, China's main exports to India were pipes, bars, rods, electrical sheets, hot-rolled coil, stainless steel, plates, and galvanized plain or corrugated sheets.

Here is the most recent data on steel trade and consumption in India (FY2023/2024).

As per Indian steel imports data India imported 8.3 million metric tonnes of rolled steel in FY2023/2024 (which ended in March), rising 38.1% from the previous year, as the GMK Centre had previously reported. 

Over the period under study, the country's steel exports increased by 11.5% yearly to 7.5 million metric tonnes. Steel usage at this time increased 13.4% annually to 136 million metric tons, demonstrating strong demand for the product.

India's Steel Trade and Consumption in Fy24

Here is a brief summary of India's steel imports, production, consumption, and net exports.

India imported 8.3 million metric tonnes (MT) of steel in FY24, up 38% annually, while exporting 7.4 MT, up 12%. A Steel Ministry report states that India imported roughly 1 MT net.

Interestingly, exports have decreased as a result of a weak global economy and intense competition in Middle Eastern markets brought on by a large supply of lower-priced Chinese goods. The local market in India is still thriving. Consumption for FY24 was 136 MT, up 14% YoY, in contrast to completed steel output, which was up 12.4% YoY at 138.5 MT.

Although 1,279 steel grades have been given norms by the steel ministry under 151 QCOs, up to 1,127 grades have been permitted entry into the nation with NOCs. According to the report, officials have stated that the extension of QCOs to include a greater variety of steel grades will soon close this gap.

India Imports Steel From Where?

These countries regularly rank among India's top import destinations for steel.

The United States was the 13th-largest supplier of steel to India. So, these are the top sources of steel imports in India. Also, if you are looking for recent insights into the import of steel in India, steel imports by country, or Indian steel imports data, visit Eximpedia.app anytime!

Major Steel Importing Countries

For major steel importers or steel-importing nations, the following table format has been updated:

So, the largest importer of steel in the world is the European Union. However, China, Germany, Italy, Turkey, and the United States are the biggest importers of steel. The other nations in the top 10 are France, South Korea, Mexico, India, and Poland. However, if you are still confused or looking for a reliable steel import source or import of steel in India, Eximpedia.app can help you render the updated statistics on steel imports in India, or major importers and exporters also.

Let’s explore the top steel HS codes!

Major Steel HS Codes

This table shows the most recent steel HS codes.

Thus, these are the major steel HS codes. On the other hand, you can use our data-driven platform to obtain the most recent steel HS codes, steel import information, or steel importers list. 

How to Import Steel in India in 2024?

To successfully import steel in India, traders need to obtain mandatory documents and insights like steel import data, steel importers list, India steel import statistics, and much more. Additionally, you must get the following paperwork if you wish to import steel from China into India:

• Manufacturer's invoice 
• Mill test certificate 
• Positive Material Identification (PMI) test report 
• Declaration from the manufacturer if the goods are J3 stock lot/ex-stock 
• Purchase order or contract
• Commercial Invoice
• Bill of lading 
• Certificate of origin
• Insurance certificate
• Import License
• Bill of entry

Also read:- The Rise of Steel Export from India: A Game Changer in the Global Market

How to Import Steel in India?

If companies are looking for reasonably priced premium steel, they could be successful importing steel products from India. India has been a significant player in the global steel market because of its strong manufacturing sector and proficiency in steel production. There are a few steps you must take in order to begin importing steel into India.

• Before entering the steel import business, it is essential to identify potential clients and do market research. You can do this by investigating websites like Eximpedia.app, attending trade shows, and making connections with industry business leaders.
• In order to import steel into India, you must acquire the necessary permissions and certifications. Depending on the kind of steel you are importing, these specifications change.  
• This obligatory clarification is only required for steel goods under specific ITCHS codes that comply with Indian Standards, according to the Ministry of Steel's Quality Control Order.
• Using the Kilogramme (kg) Unique Quantity Code, enter the value in the bill of entry. In the bill of entry, specify the grade of stainless steel. Importers that require a BIS license must request clarification for each steel shipment.
• Steel imports are governed by a number of laws. It is your responsibility to ensure that your products comply with all applicable laws in the importation country. 

How Can I Find Global Steel Buyers?

There are several methods for locating steel importers around the world. To obtain India's real-time steel import database or stainless steel import in India, go to the Eximpedia platform. 

We offer data on steel imports in India, the steel HS Code, and other related information. For traders interested in importing steel into India or steel import in India from China, it can be challenging to find out how to get import statistics.

Final Thoughts!

Therefore, steel imports in India can be a lucrative venture with the right management. You may increase profitability and streamline operations by knowing the market, adhering to rules, and cultivating a solid rapport with suppliers. To stay ahead in the cutthroat market, always keep up with government regulations and industry developments. Eximpedia.app can assist you in finding potential customers and developing business partnerships in international trade thanks to our in-depth market expertise. Avoid sitting on it for too long! Set up a free live demo right now!

Frequently Asked Questions

1. Where does India import steel from?

As per steel import data, China, South Korea, Japan, Russia and Indonesia are the top steel import from India. 

2. Who is the biggest steel importer in India?

Swatch Group India Pvt Ltd is the largest steel importer in India, accounting for 37% of the total in the period from March 2023 to February 2024.

3. Who imports the most steel?

Based on steel import data, the biggest steel importers are the European Union, United States, China, Germany and Italy.

4. Who is the biggest steel customer?

To find out the biggest steel importer or customer, you can explore our data-driven platform, i.e., Eximpedia.app and explore the global trade data hassle-free.

5. How much steel is imported?

In the 2023-24 financial year, India imported 8.319 million metric tons (MnT) of finished steel, which is a 38% increase from the previous year. India is a net importer of finished steel.


Import of steel in India

Steel imports in India from China     Steel imports in India from Indonesia

Steel imports in India from Korea

Stainless steel import in India

Stainless steel import in India from Japan     

Stainless import in India from China

Stainless import in India from Russia

Steel Trade Data

Steel import data     Steel export data

Major Steel HS Codes:

Steel HS Codes: 73269099     Steel HS Codes: 73181510

Steel HS Codes: 73182200

Top steel imports by country

Steel imports by country: Vietnam     Steel imports by country: USA

Steel imports by country: Turkey