Source: India Ministry of Steel / Joint Plant Committee / SteelOrbis / SMM
India's finished steel consumption rose 7.5 percent year on year to 99.3 million tonnes during April-October 2026, the first seven months of the current fiscal year, according to provisional data from the Joint Plant Committee released by the Ministry of Steel on November 6. Consumption stood at 92.4 million tonnes in the corresponding period a year earlier, and October alone recorded 14.3 million tonnes, up 6.6 percent. Demand is expanding faster than domestic supply: finished steel production grew 3.9 percent to 95.5 million tonnes over the seven months, crude steel output rose 2.6 percent to 99.1 million tonnes, and hot metal production increased 1.9 percent to 56.3 million tonnes.
The gap between consumption and production was filled largely by imports, and India remained a net importer of finished steel. Inbound shipments rose 28.9 percent year on year to 4.90 million tonnes in April-October, while exports increased 15.5 percent to 3.98 million tonnes. The imbalance widened sharply in October, when imports jumped 65.8 percent to 0.76 million tonnes and exports fell 32 percent to 0.44 million tonnes. By value, the import bill for the seven-month period climbed 49 percent to about 525 billion rupees, against export earnings of roughly 322 billion rupees, up 21 percent.
Strong demand has also lifted prices. Average steel prices across Kolkata, Delhi, Mumbai and Chennai rose in the second half of October compared with September, the ministry data showed. Hot-rolled coil averaged 77,620 rupees per tonne, about 826 US dollars, up 2.0 percent month on month and roughly 32 percent higher than a year earlier. Cold-rolled coil rose 2.4 percent to 87,010 rupees per tonne, 10-millimetre TMT rebar gained 2.1 percent to 66,645 rupees, up 26 percent year on year, and galvanized plain sheets averaged 95,365 rupees, about 34 percent above last year's level.
India's crude steel capacity now stands at 223 million tonnes a year, with seven large producers accounting for 117.4 million tonnes of that total. The World Steel Association's October Short Range Outlook projects Indian steel demand to grow 7.9 percent in 2026 to 172.4 million tonnes and a further 8.0 percent in 2027, making the country the fastest-growing major steel market at a time when Chinese demand continues to contract. The pace of import growth is likely to keep trade policy in focus, as surging inbound volumes have previously prompted anti-dumping investigations and safeguard duties in India, and domestic producers can be expected to press for further protective measures if the trend persists.
