India was a net importer of finished steel during the 2023-24 financial year that ended on March 31, according to provisional government data.

The country imported 8.3 million tonnes (mt) of finished steel between April 2023 and March 2024, up 38.1 per cent from a year earlier, the data showed.

India’s steel mills have called for government interventions and safeguard measures against surging imports. However, the Union Ministry of Steel has resisted calls for curbs, citing strong local demand.

The world’s second-biggest crude steel producer remains a bright spot globally with robust demand from its construction and automotive sectors.

Steel consumption in India jumped 13.4 per cent to 136 mt during the period, reflecting buoyant demand for the alloy in one of the world’s fastest-growing economies.

India’s steel demand is likely to stay strong as the government expects economic growth to outpace the global economy in the next financial year.

During 2023-24, India’s finished steel exports were at 7.5 mt, up by 11.5 per cent on year. Crude steel output stood at 143.6 mt, up by 12.9 per cent from a year earlier, data showed.

Finished steel output during 2023-24 was 138.5 mt, up by 12.4 per cent on year, data showed.