India is once again a net importer of steel from April to November.

The setback is attributed to a persistent decline in export orders, an inability to enter new markets, and fierce competition from lower-priced products arriving from China and Vietnam. According to data accessed by businessline from the Union Steel Ministry, India suffered a significant setback when it became a net importer of steel for the eight months of the fiscal year, April through November. This was due to a persistent decline in export orders brought on by pressures from the global recession, an inability to enter new markets, and fierce competition from lower-priced offerings arriving from China and Vietnam. 

During the eight-month period, imports totaled 4.3 million tonnes (mt), which was 0.3 mt more than exports, which totaled 4.0 mt. 

The second-largest producer of crude steel in India, which turned into a net exporter—regarded as a significant accomplishment—now reverses course and becomes a net importer, signalling a significant shift in the country's competitive environment.
According to Ministry data, there was a notable 30% annual decline in exports in November, which has since been offset by a 30% increase in imports. The amount of imports increased from 0.6 mt in the same period last year to 0.78 mt in November 2023. Conversely, exports decreased to 0.23 mt from 0.39 mt during the same period last year. 

Exports decreased by a significant 20% sequentially, while imports increased by 37%.